In the year following such a historical referendum, it is interesting to understand if any patterns have risen to affect the UK’s property market.
Brentwood, Essex, UK (PRWEB UK) 28 June 2017
With Brexit’s one-year anniversary this month, leading hybrid estate agent eMoov.co.uk looked at how the property prices fared over the past year across the UK’s regions. The data was collected from the latest Land Registry figures going back 12 months to look how property growth was affected since the referendum.
The UK’s average house price has grown by +3.35% since June 2016, an increase from £212,295 to £220,094. Of the nation’s 12 regions, the ones with the majority vote for leave have seen the largest growth in property prices (+2.27%), while the majority remain saw a +1.36% increase since last year.
House prices across the capital have increased by +1.12%, the five boroughs that voted majority leave (Bexley, Hillingdon, Sutton, Havering and Barking and Dagenham) have seen a house price growth of +11.10%.
Only a +1.90% was enjoyed collectively in the boroughs that voted remain. However, the top five ranked boroughs in house price growth did vote to remain in the EU: the Royal Borough of Kensington and Chelsea (+11.10%), Hackney (+9.12%), Hammersmith and Fulham (+7.47%), Enfield (+6.08%) and Harrow (+5.92).
The house price growth in this region increased by +1.55% over the past year. The leave districts grew by +2.85%, while the remain districts only grew +2.28%. Canterbury, a leave district enjoyed the largest growth (+8.89%) and was closely followed by Chiltern, a remain district (+8.05%).
East of England
The East of England enjoyed a property growth of +3.46% since Brexit, and saw a large gap of growth between the remain districts (+1.03%) and the leave districts (+4.99%). The largest increase was enjoyed in Forest Heath, while Welwyn Hatfield suffered the largest drop (-1.06%), both voted majority leave.
Property in the South West region as a whole grew by +2.73% with the leave districts increasing by +4%, closely followed by the remain districts at +3.93%. Exeter enjoyed the highest growth in the region at +7.87% and South Hams the largest drop at -2.61%, both voted majority remain.
East Midlands and West Midlands
The East Midlands enjoyed the largest growth in the UK at +3.84%, with the remain districts jumping +5.76%, whereas the leave majorities at +4.34%. However, Rutland voted to leave the EU and had the largest growth of the region at +11.24%.
On the other hand, the leave majority districts in the West Midlands enjoyed an increase of +3.25% and the remain majority districts grew by +2.37. The region as a whole is up +3.62% in the year since Brexit.
Yorkshire and the Humber
This region has seen a property price growth of +2.92%, with the leave majority districts increasing by +2.05% and the remain districts growing by +1.98%. Scarborough topped the list for greatest increase at +7.38% and voted a leave majority in the referendum.
North West and North East
Prices in the North West have grown by +2.92%, with the majority remain districts increasing by +3.84% and the majority leave prices up +1.67%.
The North East has suffered a -2.71% dropped in property values since the Brexit vote, the remain majority districts have dropped by -0.11% and the leave districts have dropped an even worse -1.06%.
The property market is Wales has had a tough time in recent years, and the price growth following the referendum reflects this with a growth rate of +0.51%. Although the country voted as a majority to leave the EU, the districts that voted remain grew by +3.46%, while the districts that voted leave had a +1.85% increase. The Isle of Anglesey enjoyed the largest growth at +11.54%.
Scotland and Northern Ireland
There was a remain sweep across Scotland and the property values increased by +2.84% in the past year.
Northern Ireland also voted with a majority to stay in the EU, but only had a +0.61% property price growth increase. The districts that voted remain jumped by +2.18%, while the districts that voted to leave dropped by -0.65%.
Founder and CEO of eMoov.co.uk, Russell Quirk, commented:
“In the year following such a historical referendum, it is interesting to understand if any patterns have risen to affect the UK’s property market.
It goes without saying, many of the districts that voted to leave had enjoyed a jump in property values, which is good news homeowners from those areas. In addition, people trying to get on the ladder can follow trends on how the market is changing with the political climate.
Many of the remain majority districts have suffered from a slowing market and had higher average house prices before the referendum. But certain areas, even in the capital, are resistant to outside factors and will remain contenders for top spots in the property market.”
- Data sourced from Land Registry: https://www.gov.uk/government/organisations/land-registry
- eMoov is the UK’s most successful and recognised Hybrid Estate Agent offering to sell properties for fees of just £795
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- In 2014, 2015 and 2016 eMoov won the allagents.co.uk ‘Best Customer Experience Award’, testament to their approach of being the digital disruptor offering fantastic value and outstanding customer service
- Russell Quirk is the founder of eMoov and widely recognised by the media for his expertise within the property market
- Russell is a third generation estate agent and after running the family business of 5 independent estate agents he sold them to start eMoov in 2010
- Contact the eMoov media team on press(at)emoov.co.uk for exclusive interviews and property insight