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UK property market has not suffered Brexit doom, says new analysis

The number of properties on the market in the UK has increased since the decision to leave the European Union vote but the proportion sold has decreased, new research shows.

But the market is alive and active and has not been hit by the doom and gloom predicted in the run up to the historic referendum in June, says the study from national estate agent Jackson Stops & Staff.

The research shows that the number of properties for sale increased by 1% but the number sold have gone down by 2.5% and asking prices are down by 2% from £297,508 in the middle of June to £291,547 today. But asking prices are down 3% in London over the same period.

The analysis, based on a daily sample of over 500,000 actual properties over the last three months, says that of the approximate 320,000 UK properties with an agreed offer, this percentage reduction represents a total of 8,000 fewer properties. Under Agreed Offer properties now represent 36.1% of all properties on the market, down from 39.4% in the middle of June before Brexit,

‘Three months after the UK’s historic vote to leave the EU, the property market remains alive and active. There are more properties on the market today than on the day of the Brexit vote, and there has only been a marginal decline in the number of properties under offer,’ said Nick Leeming, Jackson Stops & Staff chairman.

‘House prices have also declined only moderately. The normal events such as families growing, the desire to downsize, a new job, a change of lifestyle, the fundamental drivers for people buying and selling property, have remained unchanged,’ he added.