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Brexit hits property prices

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The doom and gloom around Brexit will result in prices of prime central London properties going down by £360,000, Savills has said.

Properties around Mayfair, Knightsbridge and Belgravia that cost £4m or more will be hit by stamp duty changes announced by former chancellor George Osborne.

This could lead to a nine per cent drop in prices, said Savills.

“Post-referendum uncertainty has compounded the impact of successive tax rises on values in London’s prime housing market, and will delay the sector’s return to growth,” said Savills.

“The current situation is reminiscent of the 2002-to-2004 post-bull-run period, when a less significant financial shock combined with an uncertain geopolitical backdrop. Prices then fell a total of 10 per cent.”