The housing market has had a magnifying glass on it for nearly a year. As Brexit approached and the calendar flipped month into month, experts predicted the housing market would chill. It had proved to be resilient as hopeful home buyers and home movers showed up to take advantage of low interest rates. However, for the first time since 2012 the average house price in England has declined.

According to Nationwide, the decrease in demand for property in London and southeast has impacted the house price pushing it down by 0.7% in the first quarter of 2019 when compared with the first quarter of last year. The data reveals the average house price in England is £255,683.

London’s average house price declined by 3.8% in the first quarter compared to last year. That level is the deepest since the financial crisis.

Experts are putting blame for the decline more fully on Brexit than any other factor. London especially is feeling the absence of buyers. International property investors and buyers are likely awaiting the outcome of Brexit and a more certain expectation for the economy.

It is unknown as to whether the normal spring boost will occur. Spring is a usual time of year for buyers to take action. Such a turn up to the market could set things in a positive direction.

Another factor that could pull hopeful homeowners back is a warning of increasing interest rates or a more competitive lending market that would see lenders offering more attractive deals to lure in borrowers and secure customers. Time will tell how the market fares as spring takes hold and summer approaches.