No Brexit Break

No Brexit Break

With the time taken to sell a house being the fastest ever recorded, the British housing market proves this May how little it actually cares about the EU referendum.

Online property portal Rightmove recently published its monthly House Price Index which revealed an asking price index of 0.8% in May. This leads to a new average house price of £310,471.

The only area in all of England and Wales that notices a monthly slowdown in property price rises was Greater London with a decline of 0.2%.

Furthermore, the report explained that now is the perfect time to sell. The average period for as property to be bought is at 57 days, the lowest level since 2010. The low rate is due to a significant lack of supply in the market, which has 5.3% fewer new properties released to the market than one year ago.

The shortage has been aggravated by the increase in investors wanting to buy in the first quarter of the year before the new stamp duty regulations come into play.

Rightmove’s director, Miles Shipside, explained: “With today’s tighter lending criteria, marking a property as sold before you’re certain that the buyer has the means to pay for it could mean missing out on other more suitable purchasers. It takes time to check that a prospective buyer can get a mortgage, and ensure that all other buyers in the chain are also in a position to proceed. In spite of these extra delays and necessary diligence, the length of time to sell is the lowest we’ve ever measured. However, this does not mean that sellers can be over-ambitious on their asking prices, as buyers’ affordability is increasingly stretched and they’re shopping around so their budgets go further. If you set too high a
price your property can become stale and be ignored by suspicious buyers even if later reduced to a more sensible figure. Given that housing markets dislike uncertainty, which could become a reality in the event of a Brexit vote, any dampening of buyer activity might mean that more realistic pricing would be an even more critical factor to achieve
a sale.”

Two agents also shared their views on the current market. One of the id Rupert Briggs from the Personal Agent in Surrey. He shared his opinion saying: “The market is still very strong in our areas and we have more buyers than sellers. The market is definitely a lot more price sensitive, and properties need to be marketed at the correct price to achieve a good level of interest. There is a little uncertainty regarding Brexit but in general it has not affected the market in our areas.”

Kai Logan of Bradleys estate Agents in Somerset, Devon and Cornwall agreed by stating:“Activity in the marketplace remains strong with figures on instructions, viewing and offers all very positive. There appears to be a slight hesitancy with buyers committing to a purchase, particularly on higher priced properties. We expect to see heightened sales activity following the EU referendum when people know the outcome, regardless of the result.”

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:


Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment


Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:


+44 (0) 333 123 0320

Open from 9am-6pm GMT


+852 6699 9008

Open from 9am-6pm HKT