According to analysis by Zoopla, British home values have fallen by 33 percent to a collective value of about £8.2 trillion — a depreciation of about £26.9 billion total — from 1 January to 30 June. This is an unfortunate turnaround for the British housing market, which did well last year.l but has fallen victim to consumer and commercial anxieties surrounding Brexit. The future outlook for housing will depend on factors like success or failure of Brexit talks, consumer confidence, currency fluctuation and inflation.
Key Takeaways:
- Values have increased in the North East and in Wales, but it is not enough to counteract falling prices in other parts of the country.
- One of the main reasons for the drop in home prices involves uncertainty surrounding Brexit.
- At the time of the Brexit vote, the prices of homes was increasing by about 5pc a year, but by 2018 growth had slowed only to around 1pc.
“The nation’s homes decreased in value by an average of £927 each between Jan 1 and June 30 this year, and are now worth a collective £8.2 trillion, according to figures from property site Zoopla.”