London house prices suffer their biggest drop in 10 years as Brexit fears bite
House prices in London are falling at the fastest rate in a decade.
Henry Pryor is a property buying agent at the luxury end of the scale who believes that buyers should take advantage of the current uncertainty to snap up deals. He told CNBC via phone that he was “shamelessly using Brexit” to spook sellers into taking offers.
Pryor said U.K. housing activity currently matched the yearly average he had recorded since 2005 of around 1.1 million house sales a year as sellers were still being triggered by the “three d’s” — debt, death and divorce.
He said property values would be sustained by the continued ability of buyers to borrow large sums of money.
“House prices in the U.K. are predicated on the cost and availability of credit. There is nothing in Brexit, whether we have a hard Brexit or soft Brexit, that will impact on either the availability of mortgage finance or the cost of mortgage finance.”