Brexitbrings Uncertainty forLondonReal Estate

Prices are now 18.4% lower than their 2014 high, according to international real estate adviser Savills, although the decline did start before the Brexit vote, with a series of new taxes imposed by the government to dampen double-digit price increases. Meanwhile, a UBS report Wednesday found that 39% of current home listings in London have gotten a price cut. A December Halifax report had a less gloomy outlook, saying house prices are expected to stabilize over the next 12 months, logging increases of between 2% and 4%. The vote to leave the EU has accelerated price falls, and many luxury developments in the capital are now lying half empty—dubbed "ghost towers" by local media.