Brexit and higher tax has had a particularly negative impact on the market in well-heeled inner London areas, some of which have seen prices fall sharply over the past 18 months or so, as they absorb the stamp duty increases, and could yet drop further, with Professor Christian Hilber from the London School of Economics warning earlier this month that a recession induced by Brexit could lead to a severe downturn in house prices. Hilber’s view is shared by Professor Paul Cheshire, who has advised the government on housing policy, and predicts that “we are due a significant correction in house prices”.

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