Brexit fears dampen spring property revival as asking prices fall
In a story that will cause consternation, the Guardnida tells us:
Brexit anxiety has all but killed the traditional spring property
revival, pushing down asking prices across the UK by 0.8% in the year to
March, according to property website Rightmove...Inner London saw the sharpest falls, followed by boroughs across the rest of the capital and surrounding counties...In the last year London prices have fallen 3.8%. Across the south-east prices are 1.5% down on this time last year.
It really is a worry. That huge fall in asking prices (my emphasis). All down to Brexit of course. Said a Rightmove spokesperson:
"As the clock ticks down towards the Brexit deadline it is natural human behaviour for more buyers to hesitate."
We are on to buyer hesitation now,not asking prices.
Strangely, though:
Outside the south-east, the only region to record a monthly fall during February was the north-east, where asking prices fell 1.3%....In the north-west, prices rose 2.5% last month and were 3.4% higher than a year ago, Shipside said.
Luckily, the Graun has some supplementary textual shifters to put things back on track:
The British Chambers of Commerce said Brexit uncertainty was continuing to dampen economic activity as it downgraded GDP growth to 1.2% in 2019, matching the Bank of England and the Treasury’s independent forecaster, the Office for Budget Responsibility. If realised, this would be the weakest growth since the financial crisis a decade ago... a separate report by accountants and business advisors BDO concluded that UK export growth fell “perilously close” to the point of contraction in the first quarter of 2019.
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