Berkeley says market has stabilised after Brexit blip

[LONDON] British house builder Berkeley Group said the property market in August, traditionally a quiet month, had stabilised after a jump in cancellations in the wake of June's vote to leave the European Union. "After an hiatus either side of the referendum, the market in August, traditionally a quiet month, has returned to the relative levels reported for the first five months of the year,"it said on Tuesday.

The company, which built over 4,000 home last year including apartments in London, said reservations in August were about 20 per cent lower than a year ago, reflecting lower levels of available properties as well as broader market conditions.

It said, however, that government policy was not helping the market in the capital, and taxes on transactions were now too high.

REUTERS