London house market ‘grinding to a halt’ on Brexit

Sales of London homes under construction dropped 14% in the third quarter as uncertainty surrounding the terms of Britain’s exit from the EU hurt demand already dented by higher taxes.

The number of residences sold before completion in the period fell to 4,830 units from 5,636 a year earlier, according to report by researcher Molior London.

London’s residential real estate market is grinding to a halt, with transactions falling 78% in the five months from April through August compared with the same period a year earlier, preliminary Land Registry data show.