The forecast for price growth in the property market in the UK was revised from 10% to 2% per year

Asking prices for property in the UK fell in 4 regions of England, London and Scotland since the UK decided to leave the Union.

After a 19-month-old rally up, prices began to fluctuate and to change its forward trend. From the date of announcement of results of the referendum it was not long, and the average asking price has fallen by 0.2%, indicating a lower confidence in the market by sellers. Prices for property in London as the most overrated, generally fell most significantly, having dropped 1.1% in less than a month. If you count the drop in the price of property in London in terms of money, the average is £6,000.

And if the prices fall in the South-East of England was 0.2%, the fall in the North East of England exceeded 0.7%, which can not disappoint, as the region only began to show signs of recovery after the financial crisis of 2007.

In between, there are regions of the UK, which saw rising prices. The highest growth was recorded in the East Midlands by 0.7%, followed by North-West region, where prices rose by 0.4% and Yorkshire, with prices rising 0.3%. Prices in the West Midlands rose by a small 0.2 percent. But of course, too early to draw conclusions. Because after brekzita took very little time, you can expect the deterioration of the data for these regions in the following months.

After the announcement of referendum results forecast for growth of prices for property in England and Wales was revised from 10% to 2%.

In General, now for the regions of England and Wales asking price for the property is approximately 6.1% higher than a year earlier. Doug Shepard, Director of the real estate portal Home.co.uk. believes that in the next few months , asking prices continue to fall and price growth will tend to zero. Investment and consumer decisions will be postponed to a time of greater certainty in the UK economy. And since certainty now is a matter of many months, and perhaps years, expect now the high demand is not necessary.

® Alice Morgan. 05.07.2016 G.

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