Property values fall by 6% post-Brexit

Ryan Fowler

July 6, 2016

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The average UK property value fell 6% from £256,000 to £239,000 following the EU referendum, research from www.reallymoving.com has found.

There was also a 22% drop in the number of prospective home buyers registering for conveyancing quotes.

Scotland and Northern Ireland have been hardest hit – volumes fell by 37% and average prices by 15%.

Special Feature: Brexit three months on

London and the South East have also been heavily impacted, with volumes down 29%, although prices only down by 2%. Prices fell more rapidly in central London (10%) than other areas.

Whilst the North of England has seen less impact with volumes falling only 5%, and prices down 2%.

Rob Houghton, CEO of reallymoving, said: “We are alarmed although not surprised by the sudden drop both in property value expectations and transaction volumes.

“We expect a medium-term recovery in both once the shock of Brexit has subsided and confidence in the strong fundamentals of the UK economy is re-established.”

The research was based on 8,500 registrations on www.reallymoving.com in the weeks before and after Brexit (17-23 & 24-30 June).

Prices are based on property values entered by movers when requesting conveyancing and survey quotes. Historically they closely match Land Registry reported prices, but leading by 3 months: people request conveyancing and survey quotes approximately 3 months before their move date.