London property price growth ‘on pause for two years’, Savills says

Property price growth in the capital will be put “on pause for the next two years” until Brexit negotiations are fully completed, according to a Savills analysis that was recently released.

Brexit uncertainty and a newly proposed stamp duty surcharge on foreigners is likely to “temper recovery”, with Savills forecasting an overall 5% drop in prime Central London prices by the end of this year.

The predictions from Savills highlight recent evidence that London’s more expensive properties have endured a slowdown in the past few months, with property building firm Telford Homes stating that buyers looking for houses above the £600,000 mark were taking a “wait and see” approach in the run-up to the UK’s exit from the EU.

However, despite the short-term projections illustrating a drop in prices, the new five-year forecast predicted prices will bounce back in two years’ time. In prime Central London, Savills are predicting house prices will climb 6% in 2021, with a 12.4% overall rise between 2019 and 2023.

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