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World

UK home builders bounce back from Brexit lull

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Opening sequence

World

UK home builders bounce back from Brexit lull

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COMING UP:UK home builders bounce back from Brexit lull

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00:00:00
>> Getting over the Brexit blip, two UK householders reporting positive results for August, that after a jump in cancellations in the wake of Britain's vote to leave the EU. Construction company Redrow seeing a surprise 8% rise in sales since June, but Reuters reporter Sarah Young says it's been a slower return to normal for London focussed Barkley.
00:00:24
>> Barkley and Redrow have had quite a different experience, and I think that's to do with where they build the houses. Barkley is more exposed to the London market, it's more affected by the uncertainty connected to Brexit because it's a more international market, people are buying houses for investments.
00:00:43
Whereas Redrow, it has a couple of sites in London in the southeast, but mostly it's kind of a much more even geographic spread. And the picture outside of London is that people are continuing to buy houses.>> Barkley said reservations on houses in August were about 20% lower than a year ago.
00:01:01
But that hasn't necessarily got much to do with Brexit. The company said fewer properties were available and blamed tax changes for putting a dampener on the whole market.>> In April there were some stamp duty changes which made it more expensive for people who were buying a second home or a buy to let property to buy.
00:01:21
And that's really had a big impact on the London market.>> So not the hard landing that many predicted after the Brexit Referendum. At least for now, but Barkley has halted construction on a 20 million pound housing scheme in London and hasn't said why. It may be too soon to say that London housing market is back to business as usual.