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London homeowners avoid selling amid Brexit jitters
For prospective buyers, resi inventory in the city is growing scarce
![London homes (Credit: Fin Fahey via Flikr)](https://static.therealdeal.com/wp-content/uploads/2016/12/98074978_14bfda2dc9_z-e1481561676515.jpg)
The number of London residential properties hitting the market dropped significantly in January, as sellers remain wary of the imminent Brexit process and a tax increase.
In January, new listings fell 14 percent from a year earlier, according to property website operator Rightmove. The average asking price of a property in the city jumped 1.4 percent in January to 624,935 pounds ($759,000), Bloomberg reported.
“Last year saw a rush of owners trying to exit at what they perceived as the top of the market, though in truth those in inner London were already a year too late,” Rightmove director Miles Shipside told the publication. “Owners now seem well aware of the more challenging conditions, with the high stamp-duty costs and Brexit uncertainty perhaps making them hold back from trying to sell.”
Last month, Rightmove predicted prices in the city will decline 5 percent in 2017. The Brexit vote in June raised New York City brokers’ hopes that international investors would flock to New York City. In October, heavyweight Barbara Corcoran [TRDataCustom] said Brexit had been a “black eye” for the city’s market. [Bloomberg] — Miriam Hall