Thanks to the ongoing Brexit negotiations, projections across the UK housing market already looked bleak. And today, home asking prices officially dipped 0.9%, the biggest month-to-month slip of the year. Even London, one of the UK’s housing hot-beds, saw its worst month in nearly two years. And with political tension only escalating, citizens can expect the market to decline even further. Some of the worst current housing markets are listed below:
In March, the housing market had hit a rare upswing. Property prices were up, buying and selling spans were down for a brief period of time. But Aberdeen was one of a few exceptions to the rising trend. The city wasn’t just stuck in a pause, housing prices actually dropped drastically – by more than 10%. At the time, it was the biggest property price decline throughout Britain. To make matters worse, Aberdeen’s surrounding areas have hit tough times as well. Both the Orkney Islands and Aberdeenshire have seen housing prices fall recently.
This area was recently dubbed one of the worst places to purchase property in England. Both Copeland and Eden have seen housing prices drop at least 2.5% in the past year. Investors are baffled by both these areas, which are viewed as some of the most scenic spots around the Lake District. Experts have guessed that since the Brexit development, home buyers are looking to save money by avoiding a high-priced area like Copeland.
This is one of the hardest hit areas after the UK voted to break free from the European Union. In the span of one year, average housing prices fell by 4.7%. Actual price dipped more than £20,000 – all the way down to £420,734. What makes this so concerning for citizens is the fact that the Cambridge market was actually excelling before the Brexit vote. The swift decline of this market is a bit of an anomaly because surrounding area, Cambridgeshire, has yet to suffer the same fate.