September UK house prices drop for the first time since 2010, as uncertainty over Brexit continues

16 September 2019

Rightmove says house prices are down on average by £730 as sellers wait to see how Brexit plays out

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UK house prices have fallen for the first time in September since 2010 as Brexit continues to dampen the housing market, according to property website Rightmove.

Rightmove says the price of property coming to market fell by 0.2%, or £730, this month - the first fall at this time of year since 2010.

On an annual basis prices went up by 0.2%, taking the average price to £304, 770.

September is usually the start of an autumn bounce in housing market activity, but this year it appears sellers are holding off due to Brexit uncertainty, the property website says.

Rightmove says the number of properties coming to market is down by 7.8% this month compared to the same period a year ago, while the number of sales agreed in all regions compared to a year ago was down 5.5%.

Miles Shipside, Rightmove director and housing market analyst, says: “Many have got used to living in the jaws of uncertainty since the referendum over three years ago, and have been getting on with their lives and housing moves.

“However, as we approach yet another Brexit deadline, there are signs that the increasing gnashing of teeth is causing some to hesitate.”

Regional trends

London suffered the biggest monthly price fall, dropping by 2.2% in August, followed by Scotland where prices fell by 1.3%.

Prices also dropped in the South East, the North West, Wales and the East of England.

The South West recorded the biggest monthly price rise at 1.1%, followed by the East Midlands at 0.8%.

London has properties now coming to the market at an average of 2.1% cheaper than a year ago, with the South East region also in negative territory at -1.1%.

All other regions have new seller asking prices up compared to a year ago, with the North West being the most buoyant at 3.5%.

UK house prices in September

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Source: Rightmove, September 2019

Mr Shipside says that Brexit uncertainty has hit London particularly hard, where there is a drop of more than 20% in new properties coming to market.

He says: “The autumn bounce normally kicks off at the same time as kids go back to school, but this year it’s a late starter at best, and if uncertainty persists then the autumn term could be missed altogether and its activities be delayed until the new year.”

“However, some of that will be due to difficulty in finding the right property to buy, as activity still remains brisk in some locations, evidenced by continuing upwards pricing pressure in some parts of Great Britain.

"Uncertainty is clearly not just about the political situation, with finding the right property to buy being a bigger worry for many.”

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