Figures from property website Rightmove show UK house prices fell by an average of £5,000 this month. Brexit uncertainty appeared to hit Britain’s wealthiest areas the hardest, with prices sliding fastest in London – where the average price fell by £10,793 – and the south-east, where prices dropped £8,647 on average. Overall the price drop over the course of this month was the largest since 2012.
Rightmove’s figures also support anecdotal reports from sellers who claim house viewings are down and the time taken to find a buyer has significantly increased. The property website also said the “ripple effect”, where high London prices encouraged rising house prices nationwide, has now been reversed, as sliding prices in the capital spread across the south.← Back to insights