The property sector is one of those economic sectors that were hit by uncertainty after Great Britain voted to leave the European Union (EU). Furthermore, sheer price cut in property prices and a drop in the value of pound have created a “Brexit Discount” situation in central London property market, especially for the most expensive properties – so you can avail this opportunity and save millions of pounds.
As per news resource, a Canadian buyer has recently grabbed a 7 bedroom property with a pool two weeks at £11.5 million, which was originally listed at £14 million. This property is located in Holland Park, London and had been on the market for the last eight months. The property buyer has definitely snapped up a good property and most importantly, at a discounted rate, compared to the price what they had been paying two years ago.
However, real estate experts state that the discount should not be related to Brexit because the property prices had started falling much before the referendum – partly due to hike in stamp duty tax on high-end property imposed in December 2014, and on the second home and buy-to-let properties in April. And after the vote, the prices of posh properties in central London fell by 1.5 per cent- the biggest fall in almost seven years.