Where are the biggest house price climbers since the referendum?

Where are the biggest house price climbers since the referendum?

Using recently released Land Registry data, online estate agent eMoov.co.uk, takes a look at where across the nation has given homeowners the biggest Brexit blues (and where hasn’t).

On average, house prices across districts to have voted to leave are up 5.65% since June of last year to just 4.04% across the UK’s Remain districts.

Brexit House Price Drops

Although both camps have seen pockets of house price decline, of the 13 Remain districts to see a drop, prices have fallen by an average of -4.40% to just -1.94% on average across the 14 Leave districts to see a fall.

The areas where Remain homeowners will be feeling the biggest Brexit blues are the City of London (-20.31%), the Western Isles (-16.00%) and the City of Aberdeen (-9.95%), all seeing a much larger decline than the biggest drop of the Leave districts (Pendle -6.27%).

There has also been negative movement for the Remain districts of Greenwich (-3.10%), South Hams (-1.55%), Windsor and Maidenhead (-1.52%), Argyll and Bute (-1.38%), the London Boroughs of Newham (-1.32%) and Brent (-0.86%), Harrogate (-0.72%) and the boroughs of Hammersmith and Fulham (-0.32%), Barnet (-0.15%) and Merton (-0.04%).

The areas with a majority Leave vote that have since seen the average value of property fall are Pendle (-6.27%), Sunderland (-4.21%), Ribble Valley (-3.94%), Richmondshire (-2.54%), Middlesbrough (-2.29%), North Somerset (-2.04%), Hambleton (-1.66%), Cheshire West (-1.35%), Blaenau Gwent (-1.08%), Stockton-on-Tees (-0.97%), Neath Port Talbot (-0.55%), Torfaen (-1.14%), Bracknell Forest (-0.1%) and Surrey Heath (-0.09%), although the decline in growth has generally been lower than the Remain districts to have seen a slump.


Brexit House Price Growth

The UK overall has enjoyed an annual increase of 4.9% in house prices since the decision to leave the EU. A huge 159 Leave districts have seen house price growth exceed the UK average with 30 of these districts enjoying an increase in values more than twice the national average. The pick of the bunch has been Tendring (13.11%), Copeland (12.86%), Maldon (12.77%), West Somerset (12.62%) and Rutland (12.36%)

Just 44 Remain districts have seen house prices exceed the national average for annual growth, with only nine of these seeing this growth exceed double the UK average. The highest increases have been seen in the Orkney Islands (27.87%), Kensington and Chelsea (12.77%), Winchester (12.30%) Exeter (10.93%) and the Cotswolds (10.93%)

Russell Quirk, founder and CEO of eMoov.co.uk, commented: “Although there will be some homeowners on both sides of the Brexit coin feeling a little blue due to small pockets across the nation seeing property values fall, there have been many areas for both Leave and Remain majorities that have defied the prediction of a market decline to enjoy explosive growth rates.

On the whole, it would seem the Leave majorities have the most reason for a Brexit birthday bash, but the bigger picture isn’t which way an individual may have voted, or even the majority outcome in that particular area.

A year on from the vote itself, and although formal proceedings are still being ironed out, the UK property market has remained one of the safest investments one can make into bricks and mortar.

There is no doubt that the market wobbled because of the uncertainty surrounding our departure from the EU, however, an annual increase of nearly 5% nationally is a very healthy growth rate for a market that hasn’t been firing on all cylinders. This growth should put any fears of a market crash to bed and stand us in good stead for the remainder of the year, with prices already bucking their downward monthly trend and starting to creep back up.”

Join our mailing list:


Comments

  1. Christian DonovanChristian Donovan18 August 2017 09:43:51

    The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

    Reply to this comment

Leave a comment



Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

view article
zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

view article
Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

view article
sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

view article
Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

view article
Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

view article
Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

view article
Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

view article

Related stories

More articles from Property