A rush of new listings and a dip in sales in the weeks after the referendum have knocked the wind from the London housing market, according to new research published today.
Hometrack’s monthly monitor of house prices in UK cities showed that while prices rose by 10.2 per cent in the year to June, post-vote uncertainty is “pointing to slower house price growth in the months ahead”.
According to the research, published today, sales of homes are down around eight per cent in the capital, while new listings have shot up by more than 15 per cent over the past three months.
Prices in London grew by 13.7 per cent in the year to June, though Hometrack researchers suggested such strong growth would peter out throughout the rest of the year.
Predictions for the next few months fell short of suggesting house prices would actually fall, with major UK cities except for London all reporting increased sales over the last few months.
The only one of the top 20 urban areas where house prices fell over the last year was Aberdeen, Hometrack found, while southern cities Bristol, Cambridge and Southampton all recorded annual increases of more than nine per cent.