House price crash in UK with south seeing biggest fall, due to Brexit uncertainty

Biggest November drop since 2012, with former hotspots hit hardest, says Rightmove
The richest parts of the UK are feeling the brunt of the fall in property prices, according to website Rightmove. It is the biggest drop since November 2012.

House prices have dipped over £5,000 on average. The biggest falls were in London, where the typical asking price fell by £10,793 (a fall of 1.7%) and in the south-east of England, where prices were down £8,647 (2.1%).

“Higher-end, former hotspot towns are now among the biggest annual fallers with Rickmansworth (-7.1%), Esher (-6.4%) and Gerrards Cross (-6.0%) now cold spots following price rises of nearly 40% over the seven preceding years,” said Miles Shipside of Rightmove.

Rightmove said the average asking price for a home in the UK is £302,023, with the price of newly marketed property now 0.2% (-£607) cheaper than 12 months ago.

The property company said sellers were setting more realistic prices to attract young people hesitant to buy amid Brexit uncertainty.

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3 Responses

  1. Nicholas

    I’m confused. High house prices have been preventing young people from owning their homes for many years. Surely, this downward trend is long overdue and is a GOOD thing… isn’t it?

  2. Recedivist

    The ‘correction’ is long long over due and necessary for London and UK to recovery from the GFC and Brexit.
    Returning prices to pre-GFC prices (About 50%) will enable the economy to thrive, whereas continuing overvalued property and cost suck the life out of everything…

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