There was a rise in the proportion of properties listed for sale having their asking prices slashed in the aftermath of the EU referendum, in which voters backed Brexit. Zoopla, a property listings website, said its data shows nearly 33% of its homes for sale had their asking prices cut in July, the month following the referendum, a 1.49% increase.

Since April, this is a near 4% rise as EU worries gripped the market. But the average value of the asking price reduction has fallen by just 0.56% since April to £25,257.

"The total number of properties on the market with a reduction has risen since April, but discounts are way off their peak and not as high as one might have predicted given the EU referendum outcome," said Zoopla's Lawrence Hall.

Brexit has created political and economic uncertainty. The terms on which the UK will leave the European Union (EU), and its future relationship with the single market, are yet to be negotiated.

As a consequence, many investment decisions are being delayed or dropped, sparking fears of a recession. The Bank of England has already slashed interest rates and boosted its stimulus.

A Treasury analysis of Brexit, released prior to the vote, suggested that house prices would crash by as much as 18% in the event of a severe economic shock. But any Brexit-related economic slowdown is expected to be modest and not on the scale of the recession during the financial crisis. Moreover, cheap mortgage credit and a fundamental lack of housing supply should help underpin house prices.

Top 10 areas with highest proportion of asking price reductions

RankArea% of Homes on Market ReducedAverage Price Reduction (%)Average Price Reduction (£)
1Huddersfield44.91 %6.72 %£14,030
2Wigan43.86%6.69 %£10,920
3St Helens43.30%7.05%£9,425
4Middlesbrough42.63 %6.74%£11,852
5Wirral42.45%6.55%£16,113
6Great Yarmouth40.93%7.88%£16,690
7Halifax40.76%8.31%£15,554
8Bishop Auckland40.28%10.09%£14,423
9Rotherham40.20%7.13%£10,984
10Stockton-on-Tees40.06%7.80%£13,277

Top 10 areas with biggest reductions in asking prices

RankAreaAverage Price ReductionAverage Price Reduction (£)% of Homes on Market Reduced
1Bishop Auckland10.09%£14,42340.28%
2Haverfordwest9.38%£23,29237.88%
3Durham9.13%£14,97737.42%
4Blackpool8.85%£13,56238.01%
5Poole8.66%£58,66828.27%
6Oxford8.40%£38,06733.15%
7Halifax8.31%£15,55440.76%
8Great Yarmouth7.88%£16,69040.93%
9Darlington7.86%£12,54739.22%
10Bradford7.85%£11,27835.10%

Top 10 London boroughs with largest asking price reductions

RankAreaAverage Price Reduction (%)Average Price Reduction (£)% of Homes on Market Reduced
1Kensington and Chelsea9.24%£156,99635.19%
2Westminster8.40%£137,99932.20%
3Hounslow8.27%£61,42732.65%
4Barnet7.73%£74,41729.11%
5Hammersmith and Fulham7.72%£82,83934.45%
6Haringey7.68%£63,01327.06%
7Wandsworth7.65%£87,15532.98%
8City of London7.40%£66,42029.05%
9Ealing7.37%£51,90632.92%
10Croydon7.30%£34,45331.90%

Top 10 London boroughs with highest proportion of asking price reductions

RankArea% of Homes on Market ReducedAverage Price Reduction (%)Average Price Reduction (£)
1Kingston upon Thames35.35%6.63%£54,676
2Kensington and Chelsea35.19%9.24%£156,996
3Hillingdon34.95%7.07%£39,282
4Richmond upon Thames34.95%6.90%£54,484
5Merton34.83%7.17%£50,531
6Hammersmith and Fulham34.45%7.72%£82,839
7Harrow33.21%6.31%£35,866
8Wandsworth32.98%7.65%£87,155
9Ealing32.92%7.37%£51,906
10Hounslow32.65%8.27%£61,427

Source: Zoopla, July 2016