Brexit blues knock house prices across London

20th May, 2019 10:27:55 printer

LONDON: All but two of London’s 32 boroughs have seen asking prices drop as Brexit uncertainty continues to bite in the capital.

Prices for newly marketed properties in London have dropped 2.5 per cent in the past 12 months, property-website Rightmove said in a report published Monday, meaning houses are an average of £16,157 pounds (Dh3,453) cheaper, report agencies.

In Kensington and Chelsea, where the average price is about £1.6m, asking prices have come down 3.9 per cent, or about £65,000 pounds. Only in Barking and Dagenham and Bexley, among London’s least expensive areas, did prices gain in the period.

“It’s a strikingly accurate reflection of the current London market that the only two boroughs to see new seller asking prices higher than a year ago were the two cheapest last month,” said Miles Shipside, Rightmove director and housing market analyst. While prices rose a seasonally boosted 1.2 per cent in May from the previous month, the annual figures underscore the downbeat mood in the London market, which has seen values hit by Brexit.