Asking prices down across England and Wales post Brexit vote

Taylor Scott International News

The price of property coming onto the market in England and Wales has fallen by 0.9% or £2,647 with momentum continuing due to a supply shortage, according to the latest asking price report. Activity is within usual expectations for the run-up to the summer holiday season and buyer demand in the two weeks since the European Union referendum result is consistent with 2014 although down on 2015. The monthly report from property portal Rightmove points out that the same period in 2015 benefitted substantially from a post general election boost so enquiries this year are down 16% compared to that period. It adds that as 2014 was not distorted by the election it is a better basis for comparison, and buyer enquiries are at the same level as the like for like two weeks in 2014. Since 2010 the month of July has recorded average price falls of 0.4%. The Rightmove data shows that new seller asking prices fell by 1.2% or £7,407 this month in Greater London while in inner London they fell by 2.3% or £19,051. The seven cheapest inner London boroughs all saw price of newly listed property falling while asking prices in outer London were unchanged. Asking prices fell by 0.7% month on month in the North East, taking the average to £147,251 but are still up 0.3% year on year. In the North West they fell by 0.5% month on month to £176,277 and are 3.6% higher than a year ago and in Yorkshire and Humber they were down 2.1% month on month to £172,412, and up 1.3% year on year. In the West Midlands month on month prices were down 1.6% to £200,129 and still up by 3.6% year on year while in the East Midlands they were down 0.2% month on month to £190,192 and are up 3.9% year on year. The East of England saw asking prices fall by 0.7% to £313,255 but they are 7.3% up compared to a year ago. In the South East they fell 0.6% to £386,988 and are up 6.7% year on year while in the South West they were down 0.4% to £286,155 and up 5.2% year on year. In Wales asking prices fell by 2.3% month on month, taking the average price of a newly listed home to £177,280 but prices are 2% up compared to July 2015. According to Rightmove, most agents report market momentum continuing due to shortage of suitable property for sale, buyers fearful of missing out on scarce choice, and affordability and availability of low mortgage rates. Sellers seem undeterred as compared to the same period last year, the two weeks pre-referendum saw the number of new properties coming to market down by 8%, and the two weeks post referendum saw them up by 6%. Overall the figures covering the last four weeks, two weeks before and two weeks after the referendum, give an early but reassuring view into the short term effect of the political turmoil… Taylor Scott International

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