Today’s latest figures by the Land Registry provide the most concrete portrait of how the UK property landscape has performed a year on from the decision for Britain to leave the EU.
Despite a great deal of scaremongering around the decision and predictions of a drastic decline in values, the UK property market remains fighting fit having shaken the seasonal cold of political and economic uncertainty to see prices increase 0.8% monthly and by nearly 5% since the Brexit vote.
Not only have prices remained on their upward trend over the last year but the recent decline in monthly price growth now seems to be reversing with green shoots of upward growth sprouting from the post-Brexit property landscape.
Highest Price Growth Since Brexit
- Orkney Islands 27.87%
- Tendring 13.11%
- Copeland 12.86%
- Maldon 12.77%
- Kensington & Chelsea 12.77%
Largest Price Drop Since Brexit
- City of London -20.3%
- Western Isles -16%
- City of Aberdeen -10%
- Pendle -6.3%
- Sunderland -4.2%
Of course, some areas have not performed so well but the latest data demonstrates the diversity of the UK market with the top five biggest increases and drops seeing additions from all over the UK. What’s more, the overall consensus that London would collapse hasn’t quite rung true, as with the UK, many parts of the capital enjoyed a healthy annual increase.
City AM featured our research and used it to create this interactive map on how the capital has performed a year on from Brexit.
It may seem a long time ago now, but many believe the market is still shaking off a degree of Brexit uncertainty, a stance that has been bolstered by the less than convincing political landscape that followed.
Ironically it has been those that prophesied the rapture of the UK market that have actually been the most detrimental to it. Those closest to the action such as George Osborne and his outlandish claims of an inevitable 18% crash in house prices have seen an air of uncertainty slow the market, albeit a tiny blip on an otherwise impeccable medical record for UK property.
A year on and in contrast to gloomy predictions, an anticipative schadenfreude even, we see that, in fact, house prices are nearly 5% higher annually, with the monthly decline in growth reversing and the market remaining one of the most robust in the world.
The attempt by Osborne, Hammond and many others to talk the puff out of the UK economy and its related housing market, were grossly exaggerated and in fact completely wrong.Russell Quirk