The prices Londoners are asking for their properties has fallen in the wake of the vote to leave the European Union.
But Rightmove, which supplied the figures , said while it would be easy to blame Britain’s decision to go for Brexit, the data needed to be seen in a wider context.
Its latest index found homeowners in the capital were asking 1.2% less across Greater London and 2.3% less in central areas in July than they were in June.
However, the month has often seen weakness in the market, recording a similar drop in five of the last seven years.
Rightmove director and housing market analyst Miles Shipside said: “The onset of the summer holiday season typically results in new sellers who are coming to market at this time of year pricing more competitively.
“They often have a more pressing need to sell now rather than wait till prospective buyers have refocused on their future property needs as opposed to their vacations.
“This year has the added dynamic of a readjusting market in parts of inner London, where previous years’ fast-paced price rises and the more punitive property taxes were already pushing prices down before the added referendum uncertainty.”
His analysis was born out to some extent by an unchanged picture for outer London boroughs.
Driving the fall in inner London has been an asking price correction in the seven cheapest boroughs in the area.
These include drops of 4%, 2.8% and 2.5% for Newham , Lewisham and Tower Hamlets respectively.
Miles said: “Parts of inner London continue their price readjustment, which started well before the referendum uncertainty gathered pace.
“With the overall result being leave in contrast to the majority in London voting to remain, there is now a greater mental readjustment to the new Brexit world in the capital compared to many other parts of the UK.
“Housing markets do not like uncertainty, with positive sentiment typically driven by confidence and momentum, supported by low borrowing costs.
“There seems to be little prospect of an increase in historically low mortgage rates in the short to medium term, with even greater certainty readily available with increasingly competitive five-year or even ten-year fixed rates.
“Agents in areas where stock shortages were driving momentum before the referendum say activity has recovered quickly, with buyers’ fear of losing a scarce property a key factor.”
Estate agency Strutt And Parker’s head of research Stephanie McMahon added: “Following several years of booming conditions the London market has started to slow over the past 12 months.
“The prime inner London markets in particular have been in slowdown for the past 18 months following a series of brakes including the threat of mansion tax back in 2014, the devolution vote in Scotland, two batches of significant Stamp Duty changes, the General Election in 2015 and most recently Brexit.
“It is not surprising therefore to see pricing slipping in these markets.”
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