London hit worst as house values drop across England post-Brexit
Latest figures released by Rightmove reveal average asking price of a house listed on the market in England has dropped since mid-June, although Brexit doubt is one of a number of reasons influencing the property market.
On average asking prices for houses in England dropped by £2.6k during the month period leading up to and past the EU referendum. Although experts declared that Brexit isn’t the only factor swaying the broader property market.
In the past fast paced growth and stricter mortgage criteria over the last few years have also played into the recent price drops, while July also according to past trends begins the annual summer slowdown. However in the 2 weeks since the referendum when compared with last year buying enquiries to estate agents is down 16%.
Yet, as last year’s amounts were boosted following the shock election, Rightmove says the same period in 2014 is a better period to compare. Enquiry numbers post-Brexit is similar to exactly the same period in 2014.
Post-Brexit an increased amount of new properties are being listed for sale a year ago than this time last year. In the fortnight before Brexit the number of new properties on the market was down 8%, but that number has risen by 6% in the fortnight that has followed.
Despite these promising indications of a market recovery, most industry specialists agree that it’s too premature to forecast the long term impact that voting leave may have had.