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The United Kingdom’s real estate market has been badly hit by the June 23 Brexit outcome, with average asking prices of homes in England and Wales slumping, in addition to the usual summer slowdown.
Asking prices for UK properties on the market have fallen on average by 0.9 percent (-GBP2,647) so far this month to GBP307,824, data released by property website Rightmove showed Monday. Inner, or central, London was particularly badly hit, with asking prices there falling by 2.3 percent (-GBP19,051).
However, prices were up 4.5 percent y/y slowing from a 5.5 percent rise in June, Rightmove said. The website is used by most British estate agents, and Rightmove said that it includes 90 percent of homes for sale, Reuters reported.
The latest monthly report depicting asking prices, based on properties newly listed on Rightmove’s website, showed that there were decreases in all parts of England and Wales.
The biggest drop was in Yorkshire and the Humber, where new sellers were asking for an average of GBP174,614, 2.1 percent less than the previous month. The East Midlands recorded the smallest fall, with the average asking price down by 0.2 percent at GBP197,705.
Moreover, real estate agents reported that inquiries per property remained silent as the imbalance struck between the number of homes available and the number of would-be buyers weighed on consumer sentiment.
Meanwhile, on Thursday, the Bank of England said its forecasts for prices had been adjusted downwards since the vote. The bank also announced that it would not cut the base rate, but falling returns from government bonds have already led to price cuts on fixed-rate mortgages, reports said.
