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.”