London Home Sales Stall as Buyers Await Election, Foxtons Says

London Home Sales
Pedestrians pass residential property information leaflets displayed in the window of a Bairstowe Eves estate agent's in the Clapham district of London. Photographer: Simon Dawson/Bloomberg

Transactions in London’s property market are “flat” as buyers await the result of the general election on May 7, property broker Foxtons said.

Revenue declined 3.1 percent to 33.1 million pounds ($48 million) during the first quarter from a year earlier, the London-based broker said Thursday in an e-mailed statement. Sales commissions dropped 12 percent to 15.5 million pounds.

Prime Minister David Cameron’s Conservatives and the opposition Labour Party are almost neck-and-neck in opinion polls that suggest neither party will win an outright majority. Labour has pledged to introduce a “mansion tax” on homes valued at more than 2 million pounds if it wins.

“Property sales transactions in London have remained relatively flat since the end of last year, with many potential buyers and sellers apparently delaying their decisions until the outcome of the general election is known,” Nic Budden, chief executive officer of Foxtons, said in the statement.

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