New-build market sees values drop

5th August 2016

Buying agents and estate agents are reporting that the new build market has experienced a significant fall in confidence and value after the Brexit vote. Agents are urging buyers to be cautious, especially with property in large-scale new-build schemes in London, amid concerns that it will take years of capital growth to recover the premium paid for purchasing new-build homes in a weak market. Anecdotal evidence suggests sales of new properties worth between £650,000 and £1m in the capital have slowed "considerably", although Richard Donnell, the insight director at the housing research company Hometrack, says outside London the impact has been "almost immaterial, with national housebuilders reporting near-normal market conditions".

The Times (30/07/2016)