A new report has aimed to decipher how UK property prices have changed in the year following Brexit.
The Brexit House Price Report from eMoov shows that the average price of a property in the UK is up 3.35 per cent in the last 12 months. This equates to an average price of £212,950 moving to £220,094.
The new figures in the report suggest an outlook far from George Osborne’s idea that prices could drop by 18 per cent in the two years following the move to leave the European Union.
Close analysis of the figures shows that regions where a majority voted to leave the EU have experienced the largest rises in price. Values in these areas rose by 2.27 per cent, up from an average of £191,611 to £195,957.
Regions that voted to remain were higher back in June 2016 at £247,471, but have risen just 1.36 per cent thereafter. This has taken the average price to £250,840.
Adding to this is the fact that the top five regions to see the biggest price growth since the Brexit all hosted majority leave voters. The East Midlands saw the largest increase of 3.84 per cent, followed by the West Midlands with 3.6 per cent. The East, North West and Yorkshire and the Humber rounded off the top five, where values increased by 3.46 per cent, 2.92 per cent, and 2.92 per cent respectively.
The majority of London residents voted to remain in the EU, however house price growth in boroughs that voted to leave has increased by 11.1 per cent, in comparison to only 1.90 per cent in majority remain boroughs.
Founder and CEO of eMoov.co.uk, Russell Quirk, said: ‘We thought it would be interesting to run this research from a neutral standpoint to assess what impact, if any, the EU Referendum has had on the UK property market.
‘What is clear is that those areas that voted to remain were home to a much higher average house price in general and it would seem that it is this upper end of the market in each region that has seen price growth slow the most. Encouraging news for those at the other end of the ladder, who seem to be benefitting the most since the decision to leave.
‘What it certainly does highlight is that there are still swathes of the market, even in London, where the UK property market remains immune to any external political uncertainty, and this should stand us in good stead as we exit the EU and with the recent general election in mind.’