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London Property Market 24 August 2016

London Residential Report - Summer 2016

After the relative frenzy of activity in the first three months of the year, driven by the rush to beat the 3% stamp duty surcharge introduced in April, the prime London sales market quietened in the second quarter. New applicants and instructions were both around a quarter down on the first three months, exchanges were more than a third lower, and the number of homes for sale fell by 4.4%.

Foremost in the minds of buyers and sellers was the EU referendum and the uncertainty surrounding the possibility of a leave vote, while the stamp duty increase for second homes and buy-to-let properties also diminished buyer demand somewhat. However, the Brexit result in fact triggered a mini upturn in activity, and June exchanges were 26% up on the previous month.