A fifth of Londoners think house prices will fall because of Brexit

 
Helen Cahill
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BRITAIN-DAILY-LIFE
House prices have stayed fairly stable despite the Brexit vote (Source: Getty)

Nearly a fifth of Londoners think that house prices will fall because of Brexit.

Britain starts the process of leaving the EU today, and, according to a poll by YouGov, 18 per cent of Londoners think their house price will be hit as a result.

Read more: House prices under threat as mortgage approvals drop

During the Brexit campaign, then chancellor George Osborne warned that there would be a house price cash if the nation chose to leave the EU. However, a dramatic fall in house prices has failed to materialise.

In some parts of central London, house prices have fallen by more than 10 per cent, and some analysts expect prices to fall even more this year. But this trend is not just to do with Brexit; stamp duty rates have been hiked for homes worth more than £1m, acting as a drag on prices.

The fundamental imbalance between demand and supply in the UK housing market means house prices have continued to rise in general, regardless of the Brexit vote. On average, there are 10 buyers for every property on sale in England and Wales.

And, despite the slowdown in Kensington and Chelsea, prices are expected to rocket in outer London boroughs this year. House price growth is expected to be most pronounced in places like Bexley, Bromley, and Croydon.

If you're confused about whether Brexit has actually happened yet, read our handy guide, isitbrexit.co.uk.

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