A survey by Halifax and IHS Markit shows that UK house prices fell at the fastest rate in five years, with several regions hit by declining prices. Yorkshire and Humber were the worst affected, with a 3.9 per cent fall in house prices, followed by London, with a 2.5 per cent decline, its first sustained fall in house prices since 2010.
Prices across the UK subsided 0.5 per cent in the third quarter compared to the previous period. The average British home dropped in price from £215,168 to £214,140 in the second quarter, the first quarterly depreciation since the Eurozone debt crisis in 2012.
Commenting on the findings, IHS Markit's chief business economist, Chris Williamson, said: "The UK's vote to leave the EU has been accompanied by a clear cooling of the housing market.
"This time, it's 'Brexit' rather than 'Grexit' that has caused anxiety to spike in the housing market, so the future trajectory of prices will be very much determined by which path the government decides to choose in taking the country away from the EU, and how bumpy the negotiating route is."
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. For further information about how we can help you with your property ambitions, including how to best structure your property deals, both to ring-fence and protect your property assets, as well as to minimise the tax arising from property investments, contact Steve Govey or your usual Beavis Morgan Partner.