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Prime London transactions tumble 41% during referendum build-up

New data from LonRes shows that transaction volumes across the capital’s prime markets tumbled 41 per cent in the second quarter of the year - almost all of which was the build-up period to the EU referendum.

Although house prices in those prime locations fell little over the same period, LonRes says buyers were much more aggressive in their negotiations.

“Properties sold in prime central London over Q2 2016 achieved an average of 90.9 per cent of initial asking price, down from 93.6 per cent in Q2 2015 and 97.0 per cent in Q2 2014” explains the company in its latest residential review.

“With prime central London values in Q2 2016 falling to levels equivalent to prices paid in 2013, there are opportunities to be had for would-be buyers” it suggests

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