Money: London house prices continue to slide under Brexit pressure - - PressFrom - United Kingdom

MoneyLondon house prices continue to slide under Brexit pressure

16:25  14 august  2019
16:25  14 august  2019 Source:

UK house prices post surprise July fall

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UK house prices continue to be hurt by Brexit uncertainty. “Falling house prices in London have become the norm, but the small annual decline in the North East points to low transaction volumes having an impact on the market across England.

London property prices have continued to fall in the last year while growth in England remains lower than other countries in Britain, according to official Average property price in Britain still increased by 2.8% in the year to November. London saw lowest annual growth as Brexit uncertainty is blamed.

London house prices continue to slide under Brexit pressure © Getty

London house prices have continued their slide with a year-on-year fall of 2.7 per cent in June, figures from the Office for National Statistics (ONS) showed today.

The figure marked a slowdown from the 3.1 per cent drop seen in May, however, which was the biggest fall since the financial crisis.

Average house prices in London have now been falling over the year for 16 straight months – each month since March 2018.

The capital had the lowest growth out of any region in the UK. Average house prices in the rest of the country increased by 0.9 per cent in the year to June.

House prices in the UK have cooled in the past three years, driven by a slowdown in the south and south east of England.

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For the second month in a row, London house prices have fallen as uncertainty grows following the UK's vote to leave the EU. Additionally, post- Brexit , more new properties are being listed for sale than during the same period last year. But is this all just down to Brexit making Britain undesirable?

London house prices fell the most since the beginning of the year in June as the capital’s property market continued to lag behind the rest of the country. The price of property coming to market in London dropped by 0.9 percent, bringing the average price to 631,737 pounds (8,000)

Yet Brexit uncertainty has put people off making big-ticket purchases until they can be more sure of the economic and political outlook.

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London house prices continue to slide under Brexit pressure

Assistant head of inflation at the ONS, Chris Jenkins, said: “Overall house prices growth was unchanged from May, but in London annual growth was negative once again, decreasing for the 16th month in succession.”

“House price growth was strongest in Wales with the increase in England driven by the Midlands.”

Howard Archer, chief economic adviser to the EY Item Club, said: “With Brexit due to occur on 31 October – and it’s currently very unclear what will happen then – uncertainty will weigh down on the economy over the next few months at least and hamper the housing market.”

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London ’s property market is feeling the pressure from political uncertainty, with the U.K.’s vote on its European Union membership, mayoral elections That’s reflecting investor concern about the outcome of the June 23 “ Brexit ” referendum that has helped pushed sterling lower, as well as the introduction

Under the Brexit deal, EU citizens and UK nationals will continue to be able to travel freely with a passport or identity card until the end of the Either way, this could keep the UK under EU rules for at least three years after March's official Brexit date, something Brexiteers are also unhappy about.

“Consumers may well be particularly cautious about committing to buying a house, especially as house prices are relatively expensive relative to incomes.”

Although London prices houses are falling, the area remains the most expensive place to buy a property at an average of £467,000.

This is followed by the south east at £323,000 and compares to the north east average of £130,000.

Paul Stockwell, chief commercial officer of Gatehouse Bank, said that despite the falling prices in London, “these are not significant enough declines to make a difference for would-be buyers who cannot afford to get a foot on the property ladder or upsize to another home”.

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UK’s most expensive cities becoming more affordable for homebuyers.
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