Over the last 12 months, the average price for a home in Britain has increased by 3.35%, a new research has found, up from £212,950 to £220,094.
This result proves that any claims made during the lead up to the historic Brexit vote, including George Osborne’s forecast of prices dropping by up to 18% post-Brexit, were highly unrealistic.
Brexit: A big change with little impact on the country’s property market
The study was put together by eMoov and had a closer look at the different regions. It found that the areas which predominantly voted to leave the EU saw a bigger increase in property prices, up by 2.27%. The average house prices in areas where people preferred to remain a member of the EU has only seen an increase of 1.36%.
The country;s top five regions to see a property price increase post-Brexit vote all had the majority voting to leave the EU. They are:
- East Midlands at 3.84%
- West Midlands at 3.62%
- East of England at 3.46%
- North West at 2.92%
- Yorkshire and the Humber at 2.92%
Whilst London as a whole saw its majority voting to remain in the EU house price growth experienced the biggest rise across boroughs that voted to leave, up by 11.1%. The boroughs with a majority voting to Remain only saw a house price growth of 1.9%.
London’s property prices dropped by £10,000 over the last 12 months
Russell Quirk, eMoov’s chief executive, pointed out that the research clearly revealed that those areas which voted to remain in the EU were already home to a much higher house price. It appears that it is this upper end part of the market that has now also experienced the slower house price growth.
He then added:
“What it certainly does highlight is that there are still swathes of the market, even in London, where the UK property market remains immune to any external political uncertainty, and this should stand us in good stead as we exit the EU and with the recent general election in mind.”
