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London’s property market was crippled by the Brexit vote and Green Property chairman Stephen Vernon says it has yet to recover, and is in fact sinking by the day.
He says his firm closed its London office and is waiting for the right opportunity to re-enter the market at lower values. Yet values are lower, Bloomberg reports—following the Brexit vote, office prices in London’s financial district have fallen the most in seven years, while home prices tumbled.
Over 1,900 firms are likely to review their office-space needs in London, according to researcher DealX, while international businesses could move 100,000 jobs away from the UK capital within two years of the country triggering the process to leave the EU over fears of passport rights. [Bloomberg]
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