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Brexit: survey says only 50% are confident about housing market

Surveys on housing and Brexit are coming thick and fast - the latest have Haart estate agency reporting a £30,000 price loss for typical London homes in just one month, and another survey showing only 50 per cent of the public having confidence in the market.

Today’s main survey is by Comparethemarket which says 70 per cent of those questioned did not think the Brexit vote would affect their decision to buy a house, while 77 per cent said it wouldn’t stop them selling. 

However, only 50 per cent declared themselves either extremely or fairly confident in the UK property market. Some 31 per cent believed that house prices might fall in the next 12 months as the effects of Brexit became clearer.

In more detailed questioning, 63 per cent of respondents said that if selling their home they would not accept an offer of 10 per cent or more below their asking price.

This latest survey was conducted by OnePoll which asked 1,000 people who are currently in the process of buying and/or selling properties. 

Meanwhile Haart estate agency’s figures for July - the first full month since the referendum - shows a 6.5 per cent increase in transactions across the country compared with June. But exchanged house sales in July were a full 18.2 per cent below the July 2015 total.

Prices have also taken a battering. In London, prices fell 5.6 per cent in July alone - the equivalent of about £30,000. 

In some parts of the capital things were even worse with postcodes stretching west from Mayfair through Hammersmith and Chiswick showing extremely sharp 12.9 per cent falls in July alone. In north London some average prices collapsed by 9.3 per cent. 

Across the UK as a whole, they fell 0.9 per cent, says the agency.

Yesterday we reported a survey conducted for removals company Bishop’s Move suggesting that 13 per cent of movers had cancelled their plans following the decision on June 23 that the UK should leave the EU.

  • Carl Smales

    Once again more scare stories!

    No one knows for sure what is going to happen. If your property drops 10%, the one your buying will probably drop 10%.

    Are people really going to 'not move' because of Brexit, I don't think so.

    I agree there will be some areas of the country effected more than others and we will always have some people that will 'watch and see what happens,' but there are too many other factors that will keep people moving. Job relocation, death, divorce, debt etc.

    We have a massive housing shortage and the laws of 'supply & demand' will continue,

    It's up to all of us on the 'frontline' of the housing market to reassure everyone if we want to move the industry forward.

    Have a fantastic day (unless you have other plans)!

  • Mark Hempshell

    Property market carries on much the same as before, in other words.

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    ''Only'' 50% - are you serious? lol!!

    with all the scare stories i am amazed its not ''Only 5%'' not 50!

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    This is a really positive report made out to be doom and gloom. Transactions up 6.5% throughout the country following the referendum month, house prices down 0.9% nationwide which means they are up around 0.4% everywhere except in the city state which was bloated before the referendum and had to dip. Outside London life continues as normal.
    What's the problem?

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    Completely agree Richard, I really don't understand all the negativity at the moment. you would think people don't want a buoyant property market.

    Mike Lewis

    Bad news sells! How often do we read about good news, unless its something to do with sport of course (yawn!)

     
  • Steve Fouracre

    The market will be affected in various ways, although overseas buyers will be attracted to the low pound they will be repelled by the uncertainty so areas like London will likely see a drop. A different story may occur elsewhere because regardless housing supply is not keeping pace with demand

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