London property sees a 163% leap in the number of cuts to asking prices after the Brexit vote

In the 12 working days following the Brexit vote on 23 June there was a 163% jump in the number of slashes to asking prices on London property, according to data from LonRes. This is compared to the 12 working days pre-referendum.

The statistics also show that over the same period there was a 26% increase in the number of new sales instructions in the London property market. The number of properties sold dropped 18%, while the number going under offer fell 33%.

"If someone needs to sell now, they are going to have to take a bit of a discount," said Anthony Payne, managing director at LonRes, to the Financial Times, for which the data was compiled.

The figures underline the nervousness in parts of the London property market, which attracts a large amount of foreign investment, and show how the vote for Brexit has exacerbated existing concerns about prices and demand following a series of tax hikes on investors.

Sterling has dropped sharply against the US dollar since the vote. While for some this symbolises the risk around investing in the UK as it prepares to leave the EU, others regard it as a buying opportunity, with the currency benefits outweighing the recent tax rises.

A June survey of members by the Royal Institution of Chartered Surveyors (Rics) found that 46% more reporting prices falling than rising in London, mostly in central areas. It was the only region of the UK to report price drops in the survey.