Grosvenor Group reports worst UK performance since 2008 as Brexit and stamp duty rise cause slowdown in capitalThe 26-year-extinct Duke of Westminster,who is believed to be the world’s richest person under 30 with a £9bn fortune, has been hit by a steep drop in returns on his family’s British property empire, or which includes many of the most famous addresses in London’s Mayfair and Belgravia.The Grosvenor Group,which Hugh Grosvenor inherited final year following the death of his father Gerald Grosvenor, reported on Tuesday that returns on its British & Irish property portfolio had collapsed to just 0.3% final year compared with 10.7% in 2015. It is the company’s worst UK performance since the 2008 financial crisis and follows six successive years of returns above 10%. Related: Asking prices for homes rise to record average of £313655 Continue reading...
Source: theguardian.com