"There are certainly a notable number of areas in which Brexit has delivered a bit of a knock-out punch for property prices"
New research from GetAgent has looked at where UK home sellers have been forced to take the biggest property price cuts when it comes to the asking and selling price of their home in the period since the EU Referendum vote.
When it comes to the asking price sought by UK home sellers, the market has remained firm as a whole, up 7% across the UK since the Brexit vote, with actual sold prices up 7.6%.
However, while the resilience and diversity of the UK market means many areas have remained impervious to the Brexit blues, GetAgent says there has been a "notable chill" in both asking prices and sold prices in a lot of areas.
The biggest asking price drop since the vote has been in Bradford with home sellers having to reduce their prices by 35.9% to drum up buyer interest. Waveney in Suffolk has also seen a notable decline, down 22.4%, while the London borough of Islington takes the third spot with asking prices down 21.3%.
Chichester, Wigtownshire, Vale of White Horse, Aberdeen, East Hampshire, Horsham and Bolsover are also amongst the largest declines.
While home sellers will list at a higher asking price to chance their arm in any market conditions, often resulting in a decline, sold prices have also come tumbling down in a number of areas since the Brexit vote.
It’s bad news for those in Bradford as the area not only tops the largest asking price declines but also the largest sold price declines, down 30.6%. Another Suffolk district ranks for the second largest decline in sold prices, but this time it’s Babergh with a decline of 24.8%, while Hertsmere places third, down 20.3%.
Wellingborough, Harlow, Chesterfield, Blackburn with Darwen, Oxford, Ripon and North West Leicestershire join the rest as the worst areas for sold price decline since the Brexit vote.
Founder and CEO of GetAgent, Colby Short, commented: “There’s no doubt that Brexit uncertainty has produced perhaps the most erratic property landscape we’ve seen in some years and while there is light at the end of the tunnel, it’s hard to say just how long the tunnel is and if there is indeed an end in sight or not.
"It’s certainly not accurate to say the UK market is down and out and for the vast majority, property prices continue to creep up, albeit at a slower rate than previous years. However, there are certainly a notable number of areas in which Brexit has delivered a bit of a knock-out punch for property prices and a real lack of buyer demand is seeing sellers list for a lower sum and sell for even less.
"The proof of UK property is most definitely in the pudding though and once Brexit is behind us, we should see a reversal in fortunes for those feeling the brunt of our current European limbo.”