The UK property market has all the critical fundamentals necessary to remain buoyant in the long-term, with Brexit appearing to have little negative effect.
- Property prices increased by over £6,000 since the EU referendum result, with the average asking price rising from £297,508 to £304,116
- International investors can purchase property in the UK for less following the sterling falling 12% against the dollar
- The market fundamentals remain unchanged, with a consistent level of demand placing upwards pressure on prices
Despite what some experts predicted, the UK property prices have not suffered following the result of the EU referendum.
In fact, house prices have continued to rise, according to the latest Zoopla index. Following Brexit, the average property price reached £304,116 in August, up from £297,508 prior to the referendum.
Interest has increased from international investors, particularly those located in dollar-pegged countries who can now purchase UK property for less. The sterling has fallen some 12% against the dollar since the result of the referendum in June.
In August there were 866,179 properties for sale nationally and of these, 352,301 were under agreed offer, representing 40.7% of the market, according to one of Britain’s largest estate agents Jackson-Stops & Staff.
The fundamentals of the market remain unchanged since Brexit, with an undersupply of residential property across major cities in the UK putting continued upwards pressure on prices. Seasonal market behaviours have also continued as normal.
Nick Leeming, Chairman at Jackson-Stops & Staff, said: “There is life after Brexit – the housing market is driven by need and these needs continue to motivate thousands of buyers.
Many sellers are feeling confident, demonstrated by the fact that asking prices themselves have not fallen – and have in fact seen a moderate increase.”