British home owners are slowly coming to terms with the reality of having to lower asking prices, post-brexit. The fear of how Brexit might affect the economy may have finally sunken in as the politically uncertain climate has made investors wary and property sellers are finding that they have increasingly had to offer deep discounts due to waning demand.
In prime central London in particular, the effects have taken hold of the property sector quite immediately. The effects have now trickled down to other parts of the UK and the prices of homes which have escalated in the years prior to Brexit are now out of reach to most buyers. In London, home prices are 86 per cent higher than in 2009, that is in less than a decade.
On almost the other end of the globe, in Sydney, Australia, property prices continue to skyrocket. Investor demand is aided by low interest rates as home values rose last month at the fastest pace in 14 years. Property prices in Sydney have risen 18.4 per cent since 2002. Despite the authorities’ efforts to curb the rapid rise, home prices have continued to rise in this and other major cities in Australia such as Melbourne and Brisbane.
