As Brexit uncertainty increases, London housing prices fall

London’s housing market has taken a heavy hit as uncertainties over Brexit continue to mount. Prices in the UK capital fell 0.2 percent on the year in May, according to property website Rightmove, while Acadata reports that prices dropped by 2.5 percent in April. Price growth on a national level stood at 1 percent, according to Acadata, down from a high of 9 percent in 2016. Sales across the UK have fallen this year by 5.4 percent y-o-y, according to Rightmove. “Different markets are still operating at different speeds, and the overall picture is one of a less buoyant market both in terms of price growth and number of sales agreed,” Rightmove wrote in its report.Price inflation and a shortage of supply have made home-ownership difficult to achieve, according to market analysts. “London remains the exception, rather than the rule, when it comes to the strength of the market in the major cities of England and Wales, which remain strong,” said Oliver Blake, managing director of Your Move and Reeds Rains. “The market remains slow though, when it comes to the number of transactions.”