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80% of homes sell for less than asking price in July

Wednesday 31 August 2016

Around 80% of houses sold through estate agents last month went for less than original
asking price, the latest data has show.

With a sharp 8% rise on the previous month, it is the highest level seen in two years and could signal how Brexit is continuing to affect confidence and cause instability in the market.

Demand from house buyers is down by a third since this time last year and the lowest since November 2013.

Managing director of the National Association of Estate Agents (NAEA), Mark Hayward, said: "We expected to see uncertainty in the immediate period following Brexit and during the summer months the market always quietens down.

"We are optimistic that the housing market will spring back into full swing in the coming months."
But for all the data that suggests Brexit is slowly pulling the rug from under the housing market, there are stats that it is actually benefiting parts of the country.

Estate agency Haart claims pockets of prosperity are springing up on the back of Britain's decision to leave the EU.

While areas that predominantly voted to remain has seen a slump in house prices, the cost of property has actually risen in areas which voted to leave.

A spokesman from Haart said: "Many buyers have taken advantage of the current uncertainty in the market, and it is possible to get a good deal - house prices are 0.9 per cent lower than last month across the whole of the UK, and by a steeper 5.6 per cent in London. 

"The underlying strength of the market still remains however, with prices in London and across the UK both remaining significantly higher than they were at the same point last year.

"Despite ripples of uncertainty, the market is still moving and people are just as determined as ever to get their foot on and up the property ladder."

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