Prime London property sales drop by 27% as Brexit bites

Prime London property sales drop by 27% as Brexit bites

The shocking effect of Brexit and Stamp Duty on the prime central London property sales has been revealed by new research from a leading prime agent.

It shows that there has been a 27% reduction in the number of sales in the £3 million to £10 million market and a 40% decrease in the £10 million-plus mansion market over the past 12 months within the capital’s glittering central postcodes.

Estate agency Benham & Reeves says that despite the unusually steep drops in property sales across these two markets, business remains brisk for properties on the most sought-after roads.

The company claims that demand for these ‘super streets’ remains robust despite the economic uncertainty created by Brexit.

They include Blackfriars Road in Southwark, ‘Billionaires Row’ (Bishops Avenue) in Finchley and Chiltern Street in Marylebone, all of which have seen double-digit sales over the past 12 months.

“The continued political and economic uncertainty caused by our prolonged departure from the European Union has had an impact on buyer sentiment across London’s high-end market, and we’ve seen this caution lead to a fall in transactions and a decline in the price achieved during a sale to a certain extent,” says the agency’s MD Anita Mehra (left).

“However, to have seen as many as six sales transact over the ten million pound mark on one street alone is proof that London remains one of if not the most desirable market in the world, despite this tougher landscape.

“In addition to this, it seems as though we have very much seen the bottom of the market over the last few months and there has already been a notable uplift in buyer and seller activity which is already stimulating the prime and super-prime markets.”