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London housing is taking the hardest Brexit hit: report
[LONDON] 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 per cent in April from a year earlier, the report showed. Nationally, they rose 0.2 per cent in the period, to an average £302,122 (S$536,082).
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 per cent 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.