1st
May 2019
According to a new piece of research it shows that property price increases in Brexit majority leave constituencies are performing better than property prices in remain constituencies.
pixabay.com
Ever since the Brexit referendum, the political instability has affected the UK housing market with house price growth slowing down to past lows. Buyer and seller activity will again fall with the latest Brexit delay.
But research carried out by a for sale by owner platform found those areas of constituencies that voted to remain, property price increases had been affected worse by the referendum, with prices being 1% lower than areas which voted for Brexit.
While an average 10.7% property price increase for remain constituencies is relatively good the leave areas enjoyed an average 11.8% increase.
The research highlights the Top Ten highest performers of which just three remain majority constituencies featured.
Clacton (leave) came out top with an increase of 25.7% and the best remain constituency was East Ham with 25.6%.
Other Leave constituencies in the Top Ten are North East Bedfordshire, Coventry North East, Colchester, Romford with the remain constituencies of Birmingham Ladywood and Bristol East also faring well.
However 80% of the ten worst performing constituencies were remain areas, Putney had the significantly worst performance of a -4.3% fall in prices, Newcastle had -3.9%, whilst Islington South and Finsbury fell by -2.8% with Islington North with a -1.8% drop.
The worst performing leave constituency was Blyth Valley with a -0.7% drop.
Founder and CEO of the platform, Paul Telford, said: "There’s no doubting that the government’s failure over Brexit and the impact it’s had on the property market and wider economy. However, those to have voted leave will be feeling a little better about the situation given the fact house prices in these majority wards have outperformed their remain counterparts.
"I think this demonstrates the ‘get on with it’ attitude displayed in these areas whereby home buyers and sellers have been less phased about our EU future and this has helped to stimulate the market, bringing more positive house price growth as a result."
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