This is really interesting. At the moment, just impacting the small number of ultra rich house owners but as is the way with the property market, if this gathers momentum, it could turn into a significant market correction.
Not a bad thing in itself as house prices are way over inflated but it will sober minds somewhat as many are banking on their house being their pension asset when they retire or at the very least, hope to use some of the capital liberated in downsizing to fund their children's house buying prospects.
Up to 25% wiped off house prices in some of UK's wealthiest areas
Quote:
House prices in some of Britain’s wealthiest areas have had up to 25% wiped off their value in 12 months as Brexit turmoil continues, according to the estate agent Your Move. That has meant typical price falls in some cases of almost £500,000.
Meanwhile, data from the property website Rightmove revealed the average asking price of a London home had fallen below £600,000 for the first time since August 2015, and was well below its peak of almost £650,000 reached a few weeks before the Brexit vote in 2016.
The two sets of figures come days after Britain’s surveyors issued an especially gloomy assessment, fuelled by the lack of clarity over Britain’s departure from the EU. On Thursday, the Royal Institution of Chartered Surveyors (Rics) said house prices were falling at their fastest rate in six years, and that the outlook for sales was the weakest in two decades.
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I have a friend in Twickenham trying to sell her house at the moment and she is getting offers £150,000+ below the asking price. When she asked her agent why such low offers, they replied "Brexit".
Oh dear ..