Wednesday, June 29, 2016
Good news for London house buyers
"Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, said: Â“Following the referendum, demand likely will weaken as unemployment begins to edge up and confidence falls. Meanwhile, banks soon will reflect the recent increase in funding costs in their mortgage rates. Prices in London look particularly vulnerable, given that job insecurity has increased in the City and banks will be thinking twice about high loan-to-income lending.Â” Foxtons, the London-focused estate agent, issued a profit warning this week. It believes that the vote to leave the EU will limit property sales in the capital for the rest of the year."