London home prices may fall over 30% on Brexit

London’s seven-year housing boom may be about to end after the UK voted to leave the EU.

“While in recent stress tests, the major UK banks were assessed with declines of around 30% in commercial real estate prices, we fear that London residential could experience an even more severe downturn,” said Société Générale analysts wrote in a note to clients.

“Brexit will damage the UK economy, and some companies will almost certainly have to relocate parts of their business to retain access to the EU single market.”