London property stalls as Brexit turns sellers into landlords
Buyers expecting to negotiate lower property prices post-brexit are finding themselves frustrated, as sellers are choosing to lease their properties to tenants, rather than let them go at a lower rate.
The percentage of homes that were withdrawn from sale and subsequently re-offered as rentals was 14% in August and September 2016, compared to 11% in the same period last year. In addition, Land registry figures show that property sales in July 1016 were the lowest since the year 2000.
For investors looking to buy, this means a lower volume of stock on the market – at least until prices stabilize and the outlook for the property market becomes more clear.
To find out more from Bloomberg on the post-Brexit property trend, click here.
- Charlotte Wilkins