Effects of the referendum last year are continuing into this year according to the latest data out of the capital city. London is experiencing a fall in real estate prices similar to that of 2009, during the latest economic crisis. Prices within the last twelve months have dropped up to 15% in some areas. The London borough of Wandsworth has been hit especially hard as properties have fallen up to £100,000 in value.

Brexit negotiations continue and many on the fence regarding buying or selling since the historic vote and subsequent surprising result, have stayed there. Unable to see the short term or have any vision of the longer term right now has made it difficult for paths to be forged and plans to be made. Until a clearer picture of the market begins to take shape, house owners and others will likely sit on the fence.

Property owners in the city of London will likely need to start dropping prices in order to sell them, according to many housing experts. Some are even suggesting a drop of £1million in price is the only way to get attention and potentially sell the property.

Although some of the boroughs of London are seeing massive drops in property value, other areas of the country are experiencing surges in value. The Northwest area of England, specifically Blackburn, is seeing heavy amounts of price growth. Average prices have increased there more than 16% during the last twelve months.

Estate agency Your Move commented on the latest figures, saying: “While there have been monthly increases in house prices for the last two months, the annual rate of growth has slowed in England and Wales. Although its beginnings were in London, this has now spread to the Southeast and Northeast too. All three have seen prices fall on an annual basis.”