London’s Real Estate Market Takes Hit With UK Economy Roiled

10 October 2022


London’s real estate market is taking a hit as economic turmoil roils the UK.

In the final week of September, after a budget announcement that sent the pound plunging and rattled the gilt market, there was an 88% surge in the number of sales falling through and a 76% jump in price reductions on listed properties compared to the same period last year, according to a report from real estate firm LonRes. Overall, home sales in prime neighborhoods dipped 18% in September compared to a year earlier.

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