Property sales transactions in central London dropped by nearly a third during the final months of 2018, research by Winkworth has revealed.
The estate agency chain says this is likely to have been caused by Brexit uncertainty, a fact laden with irony given almost 60% of the electorate in the capital voted to remain, although in several London boroughs more than 70% did so.
Winkworth looked at the number of sales in central London during the final quarter of last year and compared it to the three months prior.
It says the busiest part of the market recently has been one, two and three- bedroom properties, suggesting it’s mostly smaller, more affordable homes that are shifting.
“Transactions have remained largely unchanged for a prolonged period since [the end of] 2016, and this steady line represents a base level of needs-based buyers who will always be in the market,” the company says.
“With the ongoing political issues surrounding Brexit still showing no signs of being resolved, this could signify another weak period in Q1 2019 but will hopefully lead to a more positive outlook later on in the year, as we gain a clearer picture of the reality of the UK’s planned exit from the EU.”
Other housing market indicators measured by Winkworth appear to be unmoved by Brexit; for example, per-square-foot prices rose by 3% during the final months of the year.
“As we gain further clarity on Brexit and dependent on whether we leave with a deal, we should start to see an uptick in activity,” says Dominic Agace, CEO of Winkworth (pictured, above).
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