Brexit leads to plummeting of London luxury property

Brexit leads to plummeting of London luxury property

The uncertainty and confusion surrounding Brexit has led to a fall in the values of luxury property in London’s best districts. Properties in neighborhoods defined as prime central London dropped 1.4 percent in the three months through June, according to broker Savills Plc. Lucian Cook, the broker’s head of residential research, added that the UK’s decision to quit the EU has led to a weakening of the pound, prompting some overseas buyers to re-enter London’s luxury-property market. Conflicting signals have mired the impact of Brexit in confusion, which is expected to recede only in the later months of the year.

(Source: www.bloomberg.com)