Central London House Prices are being cut according to the FT, however new construction starts are up... what's happening?
It looks like the residential property market is moving slightly down post Brexit, possibly due to a number of factors but the main issue is lack of new oversea's investment... or is it?
None traditional inward investors are now looking at the UK due to the exchange rate, these include, USA, Singapore and smaller 'family' banks in Hong-Kong, and they are looking at existing schemes with funding gaps. However, they are reducing schemes for instance Renzo Piano lops 58 storeys off Paddington Pole and reported earlier this week by Building.co.uk.
So what is next: my prediction: a slight slow down in the housing market, new construction schemes being reduced to meet new investor requirements and lots more smaller residential projects before a steady increase in property price due to high demand and low supply.
Central London homes are undergoing a wave of discounting as sellers give up on their previous asking prices after the Brexit vote. The number of cuts to asking prices surged by 163 per cent in the 12 days following the referendum compared with the 12 days beforehand, according to figures from LonRes, a research firm.