The last four weeks within the UK housing market have proven quite significant. Property asking prices have dropped more than £5,000. According to recorded data, this is the largest drop since the month of November 2012. In the opinion of some within the market, this drop is the result of several reasons, but the most impactful factor creating the fall could be uncertainty over Brexit. The decrease in asking prices was expected due to the normal end of the housing market selling season and the arrival of the holiday season, but some did not expect a drop of this size, according to Rightmove.

The region of the UK hit hardest by the fall in property asking prices has been London as well as the Southeast.

Property asking prices have been inflating for years, so for some areas a decrease of this size is quite concerning. Commuter areas to London have noted rising property asking prices for years. Since the year 2011, commuter towns surrounding the capital city have seen rising average property asking prices in a major way. Some areas have even seen close to 50% growth in prices in seven years.

Rising asking prices is now seeing a reverse effect taking place in London.

A spokesperson from Rightmove described the move in prices as a manner in which to deal with the current political climate. Uncertainty with the inability to predict exactly what will take place with Brexit in the coming months puts this market in an unfamiliar place. Not only is the drop in property asking prices significant, but it comes on the heels of other changes in the market like lower overall transaction numbers as well as fewer decisions being made with regard buying and selling.