Boris Johnson labels possible post-Brexit supply issues ‘absurd’
The impact of Brexit remains a hot topic in the UK with many experts pondering how it will affect the property market. But despite concerns, the UK housing market has continued to be surprisingly robust. The Bank of England claimed that when the UK left the EU, house prices could fall by as much as 35 percent over three years as a worst case scenario.
However, new research by Keller Williams UK has found that this could not be further from reality.
UK house prices have climbed by 14.1 percent since the EU referendum in June 2016 up until today.
The surge in growth has been largely driven by prices in Wales and the Midlands.
The East Midlands has seen the greatest increase in house prices since the Brexit vote with prices climbing by 20.9 percent.
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Prices also surged by 19 percent in the West Midlands, and by 20.3 percent in Wales.
According to the latest research, property prices in areas voting to Remain in the EU referendum averaged £302,688 in 2016.
They have since increased by 8.1 percent to £327,316.
London, which is historically a Remainer haven, has seen prices climb by just 3.2 percent since the vote.
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Before the referendum, they boomed by 61.2 percent in the same period.
Areas voting to Leave have seen house prices increase by a whopping 14.1 percent to an average of £232,976 today.
Just two of the top 10 areas for house prices growth since the referendum were home to predominantly Remain voters.
The opposite can be said of the top 10 areas with the worst house price growth since the referendum.
Three of the ten areas for the worst house price growth were Leave areas.
Remainer hotspots like the City of London, Aberdeen, and the City of Westminster have all seen the largest decline in property prices since the vote.
CEO of Keller Williams UK, Ben Taylor described Brexit as the “perfect tonic” for the UK property market.
He continued: “Yes, a handful of areas have seen prices fall since the vote itself.
“However, the vast majority of the UK has seen the value of bricks and mortar continue to climb despite the rollercoaster ride that Brexit has been.
At the same time, the rate of house price growth seen since the vote has slowed in 69% of areas.
“This won’t have addressed the outright issue of affordability that many face when trying to get a foot on the ladder.
“However it does, at least, mean that homebuyers are paying less than they may have otherwise while homeowners have still seen an increase in the value of their investment.”
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