London is worst performing region since the Brexit vote

Ryan Bembridge

August 17, 2018

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The City of London has been the worst performing area of the UK for property price growth since the Brexit vote – with a price drop of -21.9%.

Emoov’s UK House Price Index showed that prices also dropped in Aberdeen (-12.3%), Kensington and Chelsea (-7.4%) and the City of Westminster (-6%).

In the UK as a whole, prices have risen by 7.3% since the drop, with the Orkney and Shetland Islands seeing the largest growth since Brexit at 36.1% and 19.9% respectively.

Russell Quirk, chief executive of Emoov.co.uk, said: “There is no doubt that in the wake of the EU referendum political and economic uncertainty, along with a shambolic exit plan, have seen UK property prices as a whole slow considerably.

“However, while the headlines may paint a picture of doom and gloom, it’s interesting to see which areas of the UK are actually driving this slowdown and which have ignored the market naysayers to record extremely positive price growth trends.

“London is a prime example, whereby price growth has recorded its biggest fall since 2009 but in reality, 70% of London boroughs have seen prices increase since the vote, some by huge margins. Those that have seen a decline and are driving the wider negative price trends are for the large part, the million pound plus market.

“Across the UK there are a wealth of areas enjoying strong growth, primarily as a result of a business as usual attitude and a realistic asking to sold price expectation.”

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