London property prices drop as Brexit uncertainty looms

The London housing market is being pummelled due to stretched affordability, numerous changes to stamp duty, and Brexit uncertainty. The Swiss investment bank published the third edition of its “London residential monitor” note, based on analysis of over 100,000 listings on residential property websites, on Wednesday. The analysis found that London sellers are increasingly being forced to cut their asking prices as properties sit on the market for longer. Price reductions and levels of discount have continued to worsen across almost all central London boroughs, with the share of properties in the capital listed at a reduced rate now at 39%. That is an increase from less than 20% in 2016.