As Brexit turmoil continues, research by OkayLah.co.uk has found stronger house prices in areas that voted to leave the EU.
In the nearly three years since the EU referendum, house prices have slowed as the market stagnates in response to continued uncertainty.
Post-referendum price growth
Property sale portal Okaylah have identified weaker price growth in Remain constituencies, where growth is one percent less than in Leave areas.
Growth in Remain areas stood at 10.7 percent, with Leave areas at 11.8 percent.
Out of the top ten areas of house price growth since the referendum results in June 2016, seven are Leave constituencies.
Clacton, a Leave area, came top with 25.7 percent growth, followed by East Ham (Remain) and Bedford (Leave).
Post-referendum price stagnation
Looking at the areas of weakest price growth, eight out of ten of the lowest performing areas are Remain constituencies, with none of the ten showing positive growth.
Putney tops the list with a reduction in prices of 4.3 percent, followed by Newcastle-upon-Tyne East and Islington South and Finsbury. All three voted to remain.
The lowest performing Leave constituency is Blyth Valley, coming fifth on the list with a 0.7 percent drop.
Future growth
Speaking before the recent extension of the Brexit deadline, OkayLah founder and CEO 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.
“I expect, if an extension is granted, this will continue to be the case so for those in leave areas, now is a great time to sell. For those buyers sat on the fence over Brexit, a purchase now will cost them some ten or eleven percent more than it would have a few years ago and continuing to wait it out could be further detrimental in terms of the price you will pay.”
If you’re thinking of buying or selling a property, speak to one of our expert property lawyers on 0333 305 5189 or email us at info@lpropertylawyers.co.uk
