Prime Sales Volume Halves Post Brexit

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Data taken from the Land Registry, and analysed by Khalil & Kane, shows that Prime London sales volumes fell to their lowest levels since Q2-2013 in the most recent quarter, following the result of the United Kingdom’s referendum on membership of the European Union.

This put sales of properties worth over £1m down 50% (from 3,481 to 1,735) compared with the same quarter last year; with falls of 55% (from 1,002 to 447) and 80% (from 123 to 24) for properties worth over £2m and £10m respectively.table-of-salesSales of properties worth over £1m had peaked in the first quarter of this year at 3,876, along with properties worth over £2m at 1,184. Sales of properties worth over £10m peaked in Q3-2015, at 123. The Q1 spike is most likely the result of fast tracked completions in advance of the referendum and stamp duty changes.

However, these figures are higher than any quarter in 2012 and the first half of 2013 as well as being higher than transactions before the collapse of Lehman Brothers. Sales of properties worth over £1m and £2m are both up 11% since Q3-2012, and sales of properties worth over £10m are up 71% (from 14 to 24) over the same period.