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Brexit Anxiety Leads To Worst London Price Drop In a Decade

London house prices continue to drop as consumer confidence waivers in the midst of Brexit negotiations.

The closer the UK gets to the end of the negotiation period of Article 50, the clearer things become in regard to the effects of the Brexit referendum on sold house prices. Certain areas such as the north-west appear to be defying the odds thanks to various companies moving out of London and into cities such as Manchester and Salford in search of cheaper rental costs.

However, previously wealthy in-demand areas in the south-east and around the capital are finding themselves in the middle of the worst price-drop in a decade as demand drops.

In the latest house price index report from Nationwide, analysts found that while average prices across the UK were up by 0.7 per cent versus March 2018, in London, housing values have fallen by an incredible 3.8 per cent.

While many within the industry believe that this is simply a temporary matter that will sort itself out once the Brexit process has been finalised, many others believe that this could be the end for the London housing bubble as many of the area’s MNC employers have moved their bases of operation to continental Europe to avoid the risk of trade tariffs.

“Although on one hand it is disappointing that activity is not increasing more rapidly, we can take some comfort from not seeing a heavier correction considering significant political distractions,” said North London estate agent and former RICS residential chairman Jeremy Leaf.

“The fundamentals remain in place and we firmly believe that when the odds on a Brexit deal shorten further, pent-up housing market demand will be released, some of which we are already seeing in the land for new homes market.”

So where does this leave the homeowners who are looking to sell their house fast? Unfortunately, due to a lack of demand the market is very much in favour of buyers – and so vendors should expect to take a reasonable financial hit in order to sell their home in the short-term through a traditional estate agent.

Luckily, they can always rely on a company such as National Homebuyers to help them move on with their lives. National Homebuyers will buy any home, anytime, anywhere – offering extremely competitive quotes and excellent customer service.

Need to sell before the market sinks further? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.

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