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18 July 2016

Asking prices down in wake of Brexit vote

Vendors have been asking slightly less for their homes during July, new figures released by a property website suggest.

Despite the 0.9% drop, which is thought to have been triggered by the UK's vote to leave the EU, Rightmove says prices are still 4.5% higher than they were a year ago.

It says the average asking price for a home in England and Wales is now £307,824. That, it adds, is £2,647 less than it was in the previous month.

The fortnight following the EU Referendum, Rightmove's figures also show, witnessed a slump in interest from would-be buyers. The number of enquiries made, the website says, was 16% less than during the same two-week period last year.

But it says last year's total was boosted by the decisive result of the 2015 general election.

And, it adds, the number of homes being put up for sale jumped by 6% during the two weeks after the Brexit result.

That, Rightmove says, is an "encouraging sign" that suggests the housing market is starting to return to "business as usual".

Its director, Miles Shipside, says July has traditionally seen a slowdown in prices, adding that "few deals" have actually been collapsing as a result of Brexit.

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