By Kingsley Adegboye with agency report

A survey has pointed to a dip in house prices in the wake of the EU referendum, with the capital recording one of its biggest month-on-month declines. Estate agents, Haart, said prices in London fell £1,000 a day last month, or 5.6 per cent, from £558,760 to £527,349. The drop across the country was a more modest 0.9 per cent to £233,254, according to reports, in line with the one per cent slide found by Halifax in its latest index.

However, the bank said at the time, monthly trends are “erratic” and sales were still working their way through the pipeline, so it was too soon to see if there had been any effect from the referendum. Halifax’s three-month rolling figures actually tracked acceleration in house prices in July.

There are also reasons for home owners to be cheerful in the Haart data as it points to a 6.5 per cent increase in exchanged transactions in July, Property Investor Today, reported. This would defy anecdotal evidence, tentatively confirmed by Halifax, saying property market activity is declining amid the economic uncertainty following the vote for Brexit.

Far from being indicative of a loss of momentum, said Paul Smith, the chief executive of Haart, the price dip showed “sellers are cutting deals to bypass the uncertainty in the wider economy, and plucky buyers are taking advantage”, adds Property Investor Today.

Smith continued: “While there is still some uncertainty, it won’t be long before the market bounces back. The only thing we have to fear post-Brexit is fear itself.” Even in London, last month’s decline was skewed by a steep slump in prime central areas, which have been falling since before the referendum as a result of changes to stamp duty on high-value and second homes.

“Postcodes stretching west from Mayfair through Hammersmith and Chiswick saw prices fall by an extraordinary 12.9 per cent on the month alone, while in north London, prices plummeted by 9.3 per cent, knocking £60,000 off the average home,” says the Guardian.

A new poll of 1,000 people engaged in a property transaction found 70 of buyers and 77 per cent of sellers are pressing on despite the referendum, reports Estate Agent Today.

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