London’s Real Estate Market Won’t be Repaired by Brexit Conclusion

A resolution to Brexit won’t be enough to solve prime central London’s real estate woes as the market continued to be pained by tight supply and falling prices in the first quarter of the year. Average property values across prime central London in the first quarter were 8.6% lower than the same time in 2018. However, quarterly price drops have eased compared to the final quarter of last year, falling just 1.4%, the London-based property consultants said. New supply during the first quarter of the year logged its lowest level in a decade, 35% lower than the same time last year. Potential sellers took a wait-and-see approach to the market in the run-up to Brexit, initially scheduled for the end of March but now extended to Oct. 31.