London house-buyers get lift from Brexit

But the Brexit vote may have given him a step up.

London house-buyers get lift from Brexit

World Bulletin / News Desk

At 24, Londoner Kai Brader-Tan did not expect to become a property owner so soon in a city where rocketing prices in recent years have prevented many of his peers from getting onto the housing ladder.

A graduate in Chinese and economics now working for a sportswear company, Brader-Tan has bought his first-ever flat in south London's gentrifying Brixton area.

"It's been a fortunate turn of events," he told AFP, explaining that a drop in the asking price from £550,000 to £500,000 finally helped clinch the deal.

The capital's housing sector has been affected by a decline in investment from abroad which many experts have blamed on last year's Brexit referendum.

London house prices may be more than double the national average, but are now growing more slowly than in any other region in the country -- the first time in 10 years that this has happened.

One report last month even showed them falling.

A rise in inflation to three percent and the quarter-point increase in interest rates projected for November could bring down prices even more.



Güncelleme Tarihi: 29 Ekim 2017, 12:55