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Mon 20 May 2019 08:19 AM

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Brexit blues knock house prices in almost every London borough

The only two London boroughs to see new seller asking prices higher than a year ago were the two cheapest last month

Brexit blues knock house prices in almost every London borough

All but two of London’s 32 boroughs have seen asking prices drop as Brexit uncertainty continues to bite in the capital.

Prices for newly marketed properties in London have dropped 2.5% in the past 12 months, property-website Rightmove said in a report published Monday, meaning houses are an average of 16,157 pounds ($21,000) cheaper.

In Kensington and Chelsea, where the average price is about 1.6 million pounds, asking prices have come down 3.9%, or about 65,000 pounds. Only in Barking and Dagenham and Bexley, among London’s least expensive areas, did prices gain in the period.

“It’s a strikingly accurate reflection of the current London market that the only two boroughs to see new seller asking prices higher than a year ago were the two cheapest last month,” said Miles Shipside, Rightmove director and housing market analyst.

While prices rose a seasonally boosted 1.2% in May from the previous month, the annual figures underscore the downbeat mood in the London market, which has seen values hit by Brexit, slowing growth and tax changes in recent years. Nationally, the picture is brighter with prices eeking out a small annual gain and Wales, the midlands and northwest setting record highs.

In May alone, asking prices rose 0.9% to an average of 308,290 pounds, Rightmove said.