British property company Savills has predicted that the slump in London's prime housing market has slowed, but says a return to growth will be slow. Values of the most expensive homes in Westminster have fallen by 7.3% over the last three years, while in areas such as Wandsworth and Clapham, the decrease has been 15%. Savills predict it will be two years before prices start to rise again, due to uncertainty over Brexit, added to the previous effect of a stamp duty increase on properties over £1m ($1.4m).
British property company Savills has predicted that the slump in London's prime housing market has slowed, but says a return to growth will be slow. Values of the most expensive homes in Westminster have fallen by 15% over the last three years, while in areas such as Wandsworth and Clapham, the decrease has been 7.3%. Savills predict it will be two years before prices start to rise again, due to uncertainty over Brexit, added to the previous effect of a stamp duty increase on properties over £1m ($1.4m).