London’s house prices face drop if Brexit no deal goes ahead

brexit

The UK’s housing market will undergo a “modest correction” if the country leaves the European Union without a deal, with the biggest fall seen in London, a Reuters poll has predicted.

The survey of 25 market watchers conducted last week forecast that in the event of a no-deal Brexit, prices would drop nationally by 1%.

The correction would be most exaggerated in London’s overvalued market, where average prices could fall by 3% in the six months after the 29 March, if the UK crashes out.

Tony Williams, at property consultancy Building Value, who gave the most pessimistic forecast of a 10% drop in the capital’s house prices, predicted that the shock on GDP, inflation and job creation would “spill over dramatically to the residential market, with London bearing the brunt given the international catchment of prospective buyers”.

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