London housing market begins to stir

London’s Brexit-battered housing market is starting to show tentative signs of life, according to UBS group AG, even if the overall picture remains uninspiring. The bank’s London Residential Monitor showed the proportion of reduced-price home listings has fallen to 36% from 39% since its last report in January. The average reduction where the price has been cut has also declined, supply has tightened since the turn of the year and discounts are narrowing in cheaper boroughs, the bank said. “While signs point to stabilization, the market remains weak overall,” the analysts said. “Stretched affordability, high levels of supply at prime price points, and numerous changes to stamp duty have taken their toll.”

Bloomberg (09/04/2019)