Survey reports 50% home owners not confident about housing market

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Plus typical London home dropping £30,000 in just 1 month

Surveys on housing and Brexit are coming thick and fast – the latest have Haart estate agency reporting a £30,000 price loss for typical London homes in just one month, and another survey showing only 50 per cent of the public having confidence in the market.

Today’s main survey is by Comparethemarket which says 70 per cent of those questioned did not think the Brexit vote would affect their decision to buy a house, while 77 per cent said it wouldn’t stop them selling.

However, only 50 per cent declared themselves either extremely or fairly confident in the UK property market. Some 31 per cent believed that house prices might fall in the next 12 months as the effects of Brexit became clearer.

In more detailed questioning, 63 per cent of respondents said that if selling their home they would not accept an offer of 10 per cent or more below their asking price.

This latest survey was conducted by OnePoll which asked 1,000 people who are currently in the process of buying and/or selling properties.

Meanwhile Haart estate agency’s figures for July – the first full month since the referendum – shows a 6.5 per cent increase in transactions across the country compared with June. But exchanged house sales in July were a full 18.2 per cent below the July 2015 total.

Prices have also taken a battering. In London, prices fell 5.6 per cent in July alone – the equivalent of about £30,000.

In some parts of the capital things were even worse with postcodes stretching west from Mayfair through Hammersmith and Chiswick showing extremely sharp 12.9 per cent falls in July alone. In north London some average prices collapsed by 9.3 per cent.

Across the UK as a whole, they fell 0.9 per cent, says the agency.

Yesterday we reported a survey conducted for removals company Bishop’s Move suggesting that 13 per cent of movers had cancelled their plans following the decision on June 23 that the UK should leave the EU.

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Written by: Houseladder