Home values in London’s best districts fell for the third consecutive quarter as financial-market turmoil and the risk that the U.K. may vote to leave the European Union damped demand, according to broker Savills Plc.
Properties in neighborhoods defined as prime central London declined 0.8 percent in the first three months of the year, Savills said in a statement on Wednesday. Values probably won’t rise this year, according to Lucian Cook, the broker’s head of residential research.
Home sales, which have slowed since the government increased stamp-duty sales tax for the most expensive properties in 2014, will continue to suffer as potential buyers await the outcome of a referendum in June to determine whether Britain will withdraw from the European Union. Such a move that could cause companies to cut investment and relocate workers from London.