London property prices heading for a plunge but buyers may be lured

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The Brexit vote will send shock waves through the property market with London office prices potentially plunging, experts have warned.

Commercial property spending has slumped 40% this year in the build-up to the vote as buyers sat on their hands ahead of the decision. 

Liberum analyst David Brockton said: “The UK’s decision to leave the EU will perpetuate uncertainty in the investment market and could create setbacks in areas of occupier demand. 

“We view the event as universally negative for the UK real-estate sector and particularly London offices.”

But James Beckham, head of central London investment at agents Cushman & Wakefield, said the plunge in the pound could tempt bargain hunters into the market. 

“The fall in sterling could present a buying opportunity for international investors willing to step into the market. Sovereign wealth funds and family trusts will be out looking.”

Centre for Economics and Business Research economist Nina Skero said the top end of the London market was also “hugely exposed” following the result. 

Jon Di-Stefano, chief executive of London-focused housebuilder Telford Homes, said: “Whilst the outcome is disappointing it will not change the fact that we need more homes in London.”

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June 24, 2016 |
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