UK property brokers bracing for the worst amid headwinds
Demand for housing falls to 6-month low on Brexit worries, tax hikes and out-of-reach property prices
London
BRITAIN'S largest property brokers are cutting jobs, closing branches and raising capital even as homes sell for record amounts. While some companies have blamed Brexit and tax hikes for a drop in transactions, high values have put off many other buyers.
Demand for housing dropped to a six-month low in February, according to the Royal Institution of Chartered Surveyors. The widening gap between home values and wages means brokers including Countrywide Plc and Foxtons Group Plc are closing fewer deals while being undercut on fees by online companies.
"It's handy to blame this downturn on Brexit and p…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
DBS puts 46 retail units, HDB shops on market for S$210 million
US mortgage rates jump above 7% for the first time this year
Far East Shopping Centre back on market at unchanged S$928 million asking price
London mansions sold at 30% discount spell gloom for luxury market
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases