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London Home Presales Slump 14% as Brexit Compounds Tax Woes

  • Sales figures flattered by transactions agreed a year earlier
  • Home sales across wider market down 78% year-on-year
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Photographer: Simon Dawson/Bloomberg
Updated on

Sales of London homes under construction dropped 14 percent in the third quarter as uncertainty surrounding the terms of Britain’s exit from the European Union hurt demand already dented by higher taxes.

The number of residences sold before completion in the period fell to 4,830 units from 5,636 a year earlier, according to report by researcher Molior London seen by Bloomberg News. A spokesman for Molior declined to comment.