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Rightmove - "Dip in the market not all Brexit."

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Tue 19 Jul 2016

Rightmove - "Dip in the market not all Brexit."

 

Rightmove’s latest house price index, covering two weeks either side of the EU referendum at the end of June, suggests average asking prices have dipped by 0.9 per cent.

 

But the portal stresses that this fall - equivalent to £2,647 on a typical asking price - is seasonal, not Brexit-inspired. Since 2010 the month of July has recorded average price falls of 0.4 per cent so this dip is bigger, although not worryingly so.

 

“Political turbulence has a track record of unsettling sentiment. Indeed last year saw a seasonally unusual 0.1 per cent fall in the run up to the May election, and a June and July price surge as a result of the post-election boost” says Miles Shipside, Rightmove director and housing market analyst.

 

In the two weeks immediately after the EU referendum, compared to the same fortnight in 2015, enquiries to agents from buyers were down by 16 per cent.  However, last year’s figures were boosted by pent-up demand after the surprise general election result, which saw a 25 per cent uplift in buyer enquiries in June and July compared to the same two month period in 2014.