Post Brexit property prices
Whether you were a hopeful first time buyer or a concerned portfolio owner most were of the thinking that property prices would take a sizable hit following the Brexit referendum result however looking at current figures, it doesn’t look like there are any post-Brexit bargains to be snapped up. According to Nationwide, August saw a 0.6% rise in house prices compared with July, and further to this suggests that the rate of house price increases are greater now than in the months leading up to the referendum.
Rightmove reported a slump in house prices of 0.9% in the weeks following the referendum result however they have now claimed a 0.7% increase month on month since. According to statistics, it is the properties to suit first time buyers that have seen the sharpest increase of 3.3% which will further the distance between being having to rent a property or owning one.
One possible explanation for this growth could be that the continued slump in supply of new property has balanced out the drop in new buyers to the market. RICS reported a drop in new buyer enquiries post-Brexit which may be due to stamp duty changes and other tax implications for second homeowners and buy-to-let landlords. The uncertainty brought by Britain’s exit from the EU will no doubt have dented confidence for investment also.
So it appears, for now at least, that house prices remain high and continue to grow, whether this is good or bad news depends on your position. If you’re a first time buyer, portfolio owner or looking to up or down-size it will have a very different outlook look for you. With the average price of a property in England and Wales now at £306,499, we simply must build more property for first time buyers to provide them with a chance of getting on property ladder.
Where prices will go from here is a complex question but it’s somewhat reassuring that there hasn’t been the sharp drop that so many predicted.
If you are interested to find out more about your current property or portfolio value, you can now find out instantly on our website by clicking here. Alternatively, why not call us on 01273 645797 and speak to a member of our sales team.
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