London's Prime Land Values Fall

Bloomberg Video

November 16 -- Land values in central London’s best districts fell 10.3 percent in the year through September, the biggest fall in at least five years, as higher taxes and the Brexit vote cause luxury home prices to fall. Banks are less willing to lend for site acquisitions and construction, fueling the decline in values, broker Knight Frank LLP said in a report on Wednesday. Developers also need to raise their profit margins as a buffer against any further falls in home prices, the broker said. Hermes Investment Management Chief Executive Officer Saker Nusseibeh discusses with Anna Edwards and Yousef Gamel El-Din on "Bloomberg Daybreak: Europe."