The drop is less noticeable in suburbs, though, due to low interest rates that mean “owners aren’t forced to sell,” Dangoor said. Richard Dangoor at his London office, Dec. “You’re seeing a big drop in values there.” “When there was fear, when there was concern,” he said. ![]() In central London, this uncertainty is hitting the housing market particularly hard, said Dangoor, a father of three.Ĭentral London’s real estate market depends on investment from overseas, including the Middle East, South Africa and China. for 53 percent of its imported goods and services and for 44 percent of its exports. ![]() Economists warn that such a spectacle would be disastrous for a country that depends on the E.U. With less than four months to go before the proposed deal expires, the shaky support for it is raising the specter of the United Kingdom crashing out of the European Union with no deal. ![]() She survived last week’s vote, but it also revealed that she had lost the support of more than a third of her party’s own lawmakers in the House of Commons, British parliament’s lower house. The document’s shortcomings triggered a no-confidence vote inside May’s Conservative party, where it angered moderates and hardliners alike. laws - including on unencumbered immigration within the bloc - for the duration of a two-year transition period, but lose its representation in its government bodies. The document says that the United Kingdom will have to adhere to E.U. The pound had lost nearly 15 percent of its value against the dollar since January 2016.Ĭomplicating matters is the uncertainty and anger around the terms of Britain’s withdrawal as stipulated in a draft agreement that Prime Minister Theresa May made public last month, after lengthy negotiations. More broadly, though, shares in British firms have taken considerable hits following the Brexit vote. He and Dangoor both said they don’t at this point fear for the viability of their business. The London bubble may have burst not only because of Brexit uncertainty, but also because “prices had become unaffordable,” Murray said. property market, The Guardian reported in October. And London, which in 2015 saw a whopping 9.2-percent rise in housing prices, has become a “weak spot” in the U.K. housing market’s growth of 1.5 percent in October dropped sharply to a near-stagnant 0.3 percent in November, The Guardian reported earlier this month. Murray, a real estate agent with 45 years of experience who founded the Dreamview Estates agency on Golders Green Road, has seen housing prices drop by around 10 percent from their peak levels in 2016, with some assets attracting little to no bids, he said.Ī busy artery running through the pricey neighborhood that gave it its name, Golders Green Road features multiple Israeli and kosher eateries and shops such as Florentin, Hummus Bar and Yarok, that reflect the heavily Jewish makeup of the area.Ī bit further up the road, Richard Dangoor, managing director at his Jewish family’s real estate agency, Hausman & Holmes, has seen a drop of about 20 percent in the number of sales since the Brexit vote. Referencing predictions of an economic downturn over the next 15 years, he added: “Unfortunately, I never thought of it.”
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