The boss of London estate agent Winkworth on Wednesday said the capital’s buyers and sellers need Brexit clarity before committing to deals.
Dominic Agace said the number of homes his firm was instructed to sell in the three months to March fell 10% from a year earlier. He said “people are waiting for clarity" and he thinks there is pent-up demand which could lead to a busier period when there is more Brexit certainty.
He added that the number of transactions last year decreased 4% in the UK, and 6% in London. The market also suffered from tax changes.
However, because would-be buyers held off on purchases, a number of them chose to rent instead, helping revenues in Winkworth’s rentals and management division to rise 8% in 2018.
Group sales edged up to £6 million from £5.4 million and pretax profits rose 5% to £1.5 million.
Agace said: “We are pleased with our results for 2018, achieved in a sales market which remains testing.”
