London Property Sales Fall Back to 2009 Levels

Things have gone quiet in London. Transactions slumped after a sales spike driven by an April increase in property taxes and showed few signs of bouncing back in the period around the June 23 Brexit vote, a Bloomberg analysis of U.K. Land Registry data shows. There were just 4,718 sales across the city in April, the lowest monthly total for seven years. Things improved slightly in May and June, while data for July is still coming in. In prime central areas things are worse: sales from April through June were below the level recorded in January 2009. The latest figures follow price cooling in prime districts and a slowdown in national levels of mortgage approvals.

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