Brexit uncertainty knocks £26.2 billion from London housing stock value
That’s a lot, isn’t it? And it’s the first time the annual figure’s been in the red since 2009. To give the number a little perspective, it’s set against a total residential property value of £1.77 trillion, almost a quarter of the country’s combined value and more than four times the total value of Birmingham, Manchester, Edinburgh, Glasgow, Cardiff, Bristol, Liverpool, and Sheffield together. Data comes courtesy of Savills, who look on the bright side:
To some extent it’s good news for first-time buyers. Average house prices and total value of homes starting to reset a little bit. However, homeowners are reluctant to sell, everybody wants to sell at the top of the market.
At least until tomorrow and probably long beyond the meaningful vote, transactions will be down — you can get a deal but the number of homes on the market is going to be more limited.