London's housing market bearing the brunt of Brexit, Acadata says

Sellers in London are starting to drop prices to secure early sales
London's housing market bearing the brunt of Brexit, Acadata says
House prices in the capital fell by 1.1% in April from a year earlier.
By Bloomberg
Mon 13 May 2019 11:10 AM

London’s property market is continuing to bear the brunt of Brexit malaise, according to a report from Acadata.

House prices in the capital fell by 1.1% in April from a year earlier, the report showed. Nationally, they rose 0.2% in the period, to an average 302,122 pounds ($393,332).

The number of property sales tell a similar story, At the national level, an increase over the past year, along with an uptick in first-time buyers, is “suggesting the market is growing - albeit slowly.’’ In London, however, sales are down 14% since the first quarter of 2017.

The capital has been the most affected by the uncertainty surrounding Britain’s departure from the European Union, now scheduled for the end of October.

Four regions in the south are experiencing falling prices while Wales, the Midlands and most of the north of England are all experiencing gains, the report said.

Sellers in London are starting to drop prices to secure early sales, according to Acadata, echoing similar findings from the Royal Institution of Chartered Surveyors last week.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.