Based on 8,500 registrations on reallymoving.com in the weeks before and after Brexit (17-23rd & 24-30th June), the average UK property value fell 6%, from £256,000 to £239,000. There was also a 22% drop in the number of prospective home buyers registering for conveyancing quotes.
Scotland and Northern Ireland have been hardest hit – volumes fell by 37% and average prices by 15%, and London and the South East have also been heavily impacted, with volumes down 29%, although prices only down by 2%. Prices fell more rapidly in central London (10%) than other areas.
The North of England, however, has seen less impact with volumes falling only 5%, and prices down 2%.
Prices are based on property values entered by movers when requesting conveyancing and survey quotes. Historically they closely match Land Registry reported prices, but leading by 3 months: people request conveyancing and survey quotes approximately 3 months before their move date.
Rob Houghton, CEO of reallymoving, commented:
“we're alarmed although not surprised by the sudden drop both in property value expectations and transaction volumes. We expect a medium-term recovery in both once the shock of Brexit has subsided and confidence in the strong fundamentals of the UK economy is re-established.”
