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Brexit gives London homebuyers steep discounts


HOMEBUYERS took advantage of Brexit uncertainty to get steep discounts in London's fanciest neighbourhoods in the first quarter.

Prices for homes under £2 million (S$3.54 million) in the capital's most sought-after districts fell the most in a decade in the three months through March as politicians failed to agree on a deal for the UK's orderly withdrawal from the European Union.

Transaction volumes rose sharply as more purchasers piled into the market to take advantage of the potential for reductions, according to data from LonRes.

"People started to realise there were some good deals to be had while Brexit uncertainty rumbled on," Marcus Dixon, head of research at LonRes, said. Buyers got an average 13.4 per cent discount on properties in the area known as prime central London. London's priciest homes - valued at more than £5 million - saw a similar effect. BLOOMBERG

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