Property Transaction Levels Post Brexit Vote

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Property transaction levels have fallen by -2.7 per cent in the UK since the Brexit vote on 23rd June 2016. However, some areas have fared far better than others.

Analysis by national estate agent Springbok Properties has revealed that while property transaction levels in England have fallen by 5.2 per cent, Wales, Scotland and Northern Ireland have actually seen a rise.

The biggest drop in property transactions was in the London borough of Kensington and Chelsea (-42.4 per cent), followed by Islington (-35.4 per cent), City of Westminster (-31.9 per cent) and Enfield (-30.2 per cent).

London boroughs made up the rest of the top 10, with the exception of nearby Watford (-27.5 per cent) in Hertfordshire, in 10th place.

Other areas that recorded big slowdowns were typically in the South of England, like Slough (-27.2 per cent), Oxford (-25.9 per cent) and Brighton and Hove (-24.5 per cent).

However, other parts of the UK have seen a strong rise in property transaction levels.

Two areas in Wales have seen the biggest increase in property transaction levels since the Brexit vote, Torfaen (30.6 per cent) and Newport (25.1 per cent).

Other strong performers were Knowsley in Merseyside (23.5 per cent), Antrim and Newtownabbey in Northern Ireland (21.9 per cent), as well as East Lothian (21.8 per cent) and Renfrewshire (21.3 per cent), both in Scotland.

Looking at transaction levels by country in the United Kingdom, the biggest drop in transactions happened in England at -5.2 per cent, while Northern Ireland saw the sharpest increase of 11.6 per cent.

Wales saw an 8.4 per cent uplift in activity, while property transaction levels in Scotland increased by 5.7 per cent.

Founder and CEO of Springbok Properties, Shepherd Ncube, commented: ‘The decline of the UK property market as a result of Brexit uncertainty has been well documented and particularly in England, this decline has been spearheaded by London and the South East.

‘However, the market landscape is a vast and varied one and there are many pockets across the UK that have not only weathered the storm but have actually seen more transactions since the EU Referendum then in the same time period preceding it.’

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