UK housing market stands strong after Brexit vote

Both politicians and property experts predicted that UK house prices would take a rather large hit post-Brexit, yet the residential market in particular has managed to remain relatively stable.

New data by Rightmove shows how 40.7% – 352,301 – of the 866,179 homes available for sale nationally the day before the Brexit vote are now under offer. In addition, prices have remained stable thanks to increasing demand for property across the UK.

Throughout July and August, the total number of homes on the market has increased by nearly 2%, with the country’s average asking property price rising by £1,040 – from £240,470 on 25 July to £241,510 on 8 August.

Following an independent study which was highlighted in a report by Landlord Today, Nick Leeming, Chairman at Jackson-Stops & Staff, commented: “Whilst the market has weakened slightly following the Brexit result, we usually see a slowdown in activity over the holiday months and these figures suggest we are yet to see a property crisis.

“Although agreed offers have marginally decreased, many thousands of buyers are still making offers to buy homes in the present economic environment. As a result, many sellers are feeling confident, demonstrated by the fact that asking prices themselves have not fallen – and have in fact seen a moderate increase.”

The average price of a home in London is now £600,076, with this figure expected to grow even more thanks to a shortage in supply and increasing demand. Therefore, those worried about the impact of Brexit on the residential property market can rest assured. A weak pound is causing an increase in overseas demand, buyers confidence is rising and property is still proving to be an excellent investment.

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