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Old 25-06-2016, 02:17 PM
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Homebuyers wobble in wake of Brexit vote

Some buyers have pulled out of deals, while others are attempting to renegotiate prices after UK voted to leave EU

Homebuyers spooked by the UK’s decision to leave the EU are pulling out of deals or attempting to renegotiate prices, according to property professionals, as the housing market suffers Brexit vote aftershocks.

One property developer in central London, which had offered a “Brexit clause” allowing nervous buyers to pull out of deals in the event of a leave vote said it was allowing buyers to withdraw and keep their deposits. David Humbles, managing director of the luxury Two Fifty One development, said: “We can confirm that a few purchasers have decided not to proceed given the uncertainty of the market. However, the majority are continuing with their purchase and the marketing strategy to offer the pledge at the launch was a worthwhile exercise.”

Consulting group KPMG has forecast that prices could fall by 5% outside London, and more in the capital, while commentators said a slowdown in sales which started ahead of the referendum was likely to continue. Fearful of landing in immediate negative equity, some buyers have decided to put their purchases on ice.
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