Property prices in the UK, especially in London, are dropping after the UK’s decision to leave the European Union and some owners, who are looking to sell, have decided to cut their asking price because of concerns about finding a buyer. According to statistics from LondRes, a property research firm, the number of these cuts has increased by more than 150% in London over the first two weeks after the EU referendum. However, it would appear that these cuts and discounts have not prompted any significant action from buyers. The number of completions has dropped by 18% compared to last…Read more..
The property price boom that we have witnessed in the UK in the past year will probably come to an end due to the success of the Brexit referendum, according to many real estate analysts and agents. Many of the transactions will be put on hold and the quick price rises witnessed in the last 2-3 years will be halted in their tracks. The shares of house builders have already been affected and commercial property owners can expect the same. According to Richard Donnel, one of the directors at Hometrack, “it is still very early to tell what will…Read more..
According to the latest figures, since April, we have witnessed a record low number of individuals looking to purchase a new home – the lowest recorded in the last 8 years. The news was confirmed by surveyors who work in all parts of the United Kingdom. RICS (Royal Institution of Chartered Surveyors) has revealed that the number of surveyors who said that they have witnessed a reduction in enquiries was 22% higher than those who reported increased enquiries. In addition, surveyors have pointed out that they don’t expect any change during the summer period because of the upcoming EU Referendum…Read more..
Even though this topic has been discussed for many years, it seems that the government has finally decided to take some real steps to stop this practice. According to the latest news, offshore companies that want to buy properties in the UK will have to provide information about their true owners. This plan was created by ministers who want to end money laundering and tax evasion which is often associated with this practice. Some statistics show that there are foreign companies that own British properties worth billions and no one actually knows who is really behind these companies. The plan…Read more..