London House Prices Take Largest Drop Summer Property Slowdown

Property News

As we reach the mid point of August and the last few weeks of the school summer holidays, it’s not surprising to see house prices dropping a little on previous months. Before everybody starts talking about “Brexit”, in comparison to 2015 figures, house prices are still higher than they were this time last year.

London prices may have fallen by 2.6% compared to July figures but they are still 2.1% higher than this time last year. In fact the only area to report lower prices than in August 2015 is the North East of England, where prices are down by about 1.2%.

For the rest of the country, prices remain higher than the previous year and in Yorkshire, The Humber and the Midlands, prices have actually on the previous month by around 1.2%.

Local Estate Agents we spoke to in Portsmouth said that whilst the market remained buoyant, activity was expectedly low, mainly due to the lack of new properties going onto the market at this time of year. They also remarked that in a high “Brexit voting” area, with the majority of investors being locally born people, they didn’t see leaving the EU as having much of an impact.

London prices have of course rocketed over the last few years, leaving much of the rest of the UK lagging behind. London and the surrounding areas, seem to have their own micro market, which is a mile away from prices elsewhere in the country.

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