London Property Stalls as Brexit Turns Sellers into LandlordsBy
14 percent of homes withdrawn from sale now offered as rentals
Some home owners opting to rent rather than accept price cuts
Gary Waller, a 41-year-old accountant, expected to negotiate a lower price on an apartment he wanted to purchase in London’s Putney district following the U.K.’s vote to leave the European Union. Instead, the vendor took the property off the market.
Home sales in the capital in the first seven months of 2016 were at their lowest level since 2012 as owners delayed offering properties for sale or chose to lease them rather than accept lower offers amid fears over the impact of the Brexit vote. Almost 54,900 residences were sold in London in the seven months through July, an analysis of preliminary Land Registry data shows…
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