Pre-sales of London homes down 34% on Brexit woes

London

SALES of London homes under construction slumped 34 per cent in the second quarter as the prospect of a vote to leave the European Union damped demand already hurt by higher taxes.

The number of residences sold before completion fell to about 4,600 from 6,974 a year earlier, according to data compiled by researcher Molior London seen by Bloomberg News. A spokesman for Molior declined to comment. "The approaching referendum added more layers of uncertainty," said Tom Bill, head of London residential research at broker Knight Frank LLP. "That'…