UK luxury property sector badly hit by Brexit woes

LONDON: Following Britain’s exit from the European Union, sales of luxury properties in the United Kingdom have been badly affected, collapsing by up to 86 percent in past year with London receiving the biggest hit.

Following Brexit, prices of properties have stopped rising and in some cases investors are pulling money out of the UK property market.

According to the land registry data till August 2016, only five properties valuing £10 million or more have been purchased this year, on the contrary as many as 35 properties were purchased in the previous year.  

"The investments are being directed to Dubai and other gulf countries," a British-Pakistani working in property sector in London told Geo News.

Experts say that post-Brexit, property prices are either declining or have stagnated.