House sales in London have rebounded to their highest levels since the Brexit vote, as reported by estate agency Foxtons. Chief Executive Guy Gittins noted that the market's decline began with the Brexit referendum in 2016, which dampened buyer confidence. Compounding factors like government changes, the pandemic, and financial policies have sustained lower sales levels for nearly a decade. However, 2024 shows promise with higher under-offer activity and increased revenues for Foxtons, alongside anticipated buyer urgency to finalize purchases before tax changes take effect March 31.
The London house sales market had been riding high until the Brexit vote, which hit consumer confidence. A series of events kept sales at lower levels.
2023 was almost a record low level for sales, and 2022 was still historically quite low. A recovery seems to be taking place in 2024.
Foxtons reported adjusted operating profit rose by a third to 19 million last year, and revenues grew by 11% to 163 million, exceeding market expectations.
Nationwide expects a sales rush as buyers aim to complete purchases before stamp duty changes on March 31, which could further impact buyer behavior.
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