eMoov’s Brexit House Price Report

Brexit House Price Report

The latest research by leading online estate agent, eMoov.co.uk, looks at house price growth performance across the UK since Britain voted to leave the EU back in June of last year.

Using the latest data from the Land Registry eMoov has compared house price growth across all 12 regions of the UK since the Brexit vote in June to see how the UK housing market has performed across the different regions based on the majority result.

Since June of last year, the average house price in the UK as increased from £212,950 to £220,094, an increase of 3.35%.

When dividing the nation by the majority vote for each of the 12 regions, it is the regions with a majority Leave vote that have seen the biggest increase, up 2.27% from an average of £191,611 to £195,957 today. The average house price across the Remain regions was higher back in June at £247,471 but has only seen an increase of 1.36% since, now reaching £250,840.

The top five regions to see the largest price growth since the Brexit vote are all home to a majority Leave vote with the East Midlands seeing the most substantial increase of 3.84%, followed by the West Midlands (3.62%), the East of England (3.46%), the North West (2.92%) and Yorkshire and the Humber (2.92%).

Scotland (2.84%) and the South West (2.73%) have also seen price growth break the 2% mark, with the South East (1.55%), London (1.12%), Northern Ireland (0.61%) and Wales (0.51%) also seeing marginal positive growth.

The North East is the only region to have seen a decrease with prices falling by -2.71% since June.

When looking at all the individual districts to vote across the UK, rather than grouped by region, the average house price increase across the Leave majorities increases to 3.32%, again higher than the 2.08% increase across areas to have voted to Remain.

Founder and CEO of eMoov.co.uk, Russell Quirk, commented:

“We thought it would be interesting to run this research from a neutral standpoint to assess what impact, if any, the EU Referendum has had on the UK property market.

What is clear is that those areas that voted to remain were home to a much higher average house price in general and it would seem that it is this upper end of the market in each region that has seen price growth slow the most.

Encouraging news for those at the other end of the ladder, who seem to be benefitting the most since the decision to leave. What it certainly does highlight is that there are still swathes of the market, even in London, where the UK property market remains immune to any external political uncertainty, and this should stand us in good stead as we exit the EU and with the recent general election in mind.”