London's lavishly high home prices take a Brexit hit
After the vote to leave the EU, prime central London property prices dropped 1.5% in July - marking the steepest fall since October 2009, according to Knight Frank
London
MONEYED newcomers drove London real estate prices to dizzying heights, turning even the most Dickensian hovel into a trophy property. But Britain's bid to break with Europe may finally be cooling the most expensive big-city housing market in the West.
This is still the land of the US$200 million condo, with prime central London real estate forming the foundation of British wealth. But a flood of price drops and cancelled contracts is coursing through London's streets, hitting even the immaculate enclaves of celebrities and oligarchs and becoming the most tangible sign yet of economic trouble in the aftermath of Britain's vote to exit the European Union, or "Brexit".
The market softness speaks, economists say, to longer-term fears: that tougher immigration rules may make it harder for outsiders to live and work in one of the world's most globalised cities; that the British pound - which has taken a beating - may continue to drop; that high-paying jobs may start slipping away from a financial capital more disconnected fro…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Apple to invest US$250 million into expanding Ang Mo Kio campus
High Court dismisses China businessman’s claims against Huttons and agent in misrepresentation suit
URA awards Zion Road, Upper Thomson sites to sole bidders at lower-than-expected offers
DFI puts its last 2 Singapore properties up for sale at S$48.5 million
Delfi Orchard up for collective sale at S$438 million guide price
US 30-year mortgage rate rises to a four-month high of 7.13%