THE HOUSING MARKET IS ALIVE AND ACTIVE AFTER BREXIT VOTE

  • An analysis of a daily sample of over 500,000 actual properties in the UK housing market over the last three months by Jackson-Stops & Staff shows that the volume of homes on the market in the UK has increased since the Brexit vote

    The analysis made the following findings:

    • The proportion of homes sold subject to contract has merely fallen by 2.5%
    • The marginal decline in residential property sales has contributed to a fall in average asking prices across the UK
    • A fall in price from £297,508 in mid-June to £291,547 today, led by a 3% drop in London
    • High stamp duty rates are having an adverse impact on the top end of the housing market especially properties £2million and over
    • Just 7% of homes in the capital priced above £2million are currently under agreed offer

    Chairman at Jackson-Stops & Staff, Nick Leeming, said:

    "Three months after the UK's historic vote to leave the EU, the property market remains alive and active.

    "There are more properties on the market today than on the day of the Brexit vote, and there has only been a marginal decline in the number of properties under offer. House prices have also declined only moderately.

    "The normal events- families growing, the desire to downsize, a new job, a change of lifestyle - the fundamental drivers for people buying and selling property have remained unchanged."

    What do you think?

    Please tweet comments @suppsolutions

    For more details, visit Property Investor Today

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