Monday, 27 June 2016

Homebuyers Wobble In Wake Of Brexit Vote

Homebuyers spooked by the UK’s decision to leave the EU are pulling out of deals or attempting to renegotiate prices, according to property professionals, as the housing market suffers Brexit vote aftershocks. One property developer in central London, which had offered a “Brexit clause” allowing nervous buyers to pull out of deals in the event of a leave vote said it was allowing buyers to withdraw and keep their deposits. Consulting group KPMG has forecast that prices could fall by 5% outside London, and more in the capital, while commentators said a slowdown in sales which started ahead of the referendum was likely to continue. Fearful of landing in immediate negative equity, some buyers have decided to put their purchases on ice. Read more on the Guardian website.

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