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's adding to the two-year slowdown from the December 2014 tax increase, which is still the biggest damping factor."