The number of properties on the market has increased by 1% since the Brexit vote but the number under offer has dropped by 2.5% and national asking prices are down by 2% reports Jackson-Stops & Staff.
The agent has given its verdict on the post-Brexit vote market after looking at 500,000 properties for sale across the UK. “Three months after the UK’s historic vote to leave the EU, the property market remains alive and active [and] there are more properties on the market today than on the day of the Brexit vote,” says chairman Nick Leeming.
Predictions during the EU referendum of a bloodbath in London after the Brexit vote have proved to be inaccurate, the JSS research suggests, as it reveals that asking prices in the capital are down by only 3% since mid-June and that “properties priced below £1m are still seeing high levels of interest”.
London’s £2m+ prime market is in less good shape. Only 7% of properties in this price bracket are under agreed offer compared to 36.1% nationally, the JSS research reveals.
Leeming says this is down to a range of factors including reduced confidence in the prime property following Brexit and the increased Stamp Duty burden, both of which have “log-jammed” the market.
“London has always been an island when it comes to the housing market and is governed by a range of forces that are not as strongly at play across the rest of the UK such as significant international investment and High Net Worth buyers.”