Some property values across the country are falling faster
than the well-documented decline in Bitcoin, according to research from
Over the past 12 months, Bitcoin’s value has dropped by 65%,
with a 40% decrease recorded since the summer heatwave of 2018 alone.
Demand in the housing market also has a winter chill, with
property values falling as Brexit uncertainty deters buyers.
The removal company found huge discounts being applied to
property values across the UK. London was the most commonly affected, with
prime central London hit the hardest.
AnyVan.com highlighted a number of properties that have seen
their values crash by a half within two months, which is more than the fall in
Bitcoin’s price is currently around £2,745, following a 45%
decline since November 2018, which is a long way off its record value of
£14,759 in December 2017.
However, AnyVan.com found that property values are also
falling at drastic rates. A two-bedroom flat in Haringey, for example, is now
50% cheaper than it was when it was listed at the start of December last year.
Another flat in Norwood Junction has seen its price drop by
47%, while a two-bed apartment in Canary Wharf has declined by more than 45%
compared to its original listing price.
A three-bed house in Stamford Brook, west London is now
listed for 38% less than its original £1.6m listing price. Bitcoin has seen
similar drops since autumn 2018.
It’s not just in the capital where property values are
plummeting. AnyVan.com found that homes up and down the country are being
affected. Scotland, Wales, Cornwall, Birmingham, Manchester and Norfolk have
all seen greater declines than the Bitcoin crash.
The research indicates that large properties are more likely
to face the drop.
A five-bed home in Trowbridge, listed for £1.9m by its
estate agent, has now had half its price slashed off in just three months. A
six-bed in Norfolk, which hasn’t sold since being put up for sale ten months
ago, has seen half a million pounds taken off its value.
Another example in Grimsby, an area where the average house
price is just £147,518, has had £550,000 taken off its original asking price.
In Cornwall, a renovation project to a 16-bed bungalow has dropped in value by
40%, to just £225,000, since it was listed back in June 2018.
Angus Elphinstone, the CEO of AnyVan.com, says: “Our latest
research shows just how bad the property market currently is for some. Unable
to sell their home to move, they’re forced to dramatically drop their price to
attract hard-to-find buyers.
“The last year was certainly a brutal year for the majority of
Bitcoin investors, but it’s frightening to see the value of peoples homes fall
by such levels in a quick period.”