The UK property market has recovered from the initial uncertainty following the EU referendum as prices rise month-on-month and demand continues to outstrip supply.
- Brexit uncertainty looks to lessen in the UK property market, with the average property price rising to £309,122 in September
- Prices are now only 0.4% lower than the all-time high recorded in June
- The north of England has seen supply fall by 11% year-on-year, with agents reporting “brisk” sales
Asking prices in England and Wales increased by £2,623 in September, taking the average property price to £309,122.
Any uncertainty surrounding the decision to leave the European Union prices appears to have dampened, with property prices now just 0.4% below the all-time high recorded by the Rightmove index in June, with year-on-year asking prices up 4.2%.
Data also shows that sales agreed in September recovered from a summer lull.
The south-west and the north-east have both seen asking prices fall month-on-month with declines of 0.8% and 1.8% respectively. Prices are up in all other regions, led by a month-on-month rise of 2.4% in Greater London, followed by growth of 1% in the east of England, and they are up 0.8% in the north-west.
Miles Shipside, Director of Rightmove, commented: “After the referendum result and the usual summer slowdown, estate agents’ experiences appear to fall into one of two camps, with a definite north/south divide.
“Agents in the northern half of the country reported a quiet week or two after the surprise result of the Brexit vote, but most then saw a quick return to good levels of buyer enquiries and subsequent sales agreed.”
The property market in the northern regions saw an 11% fall in the total available stock for sale compared to the same period in 2015, continuing the downward trend on supply over the last few years. With supply failing to keep pace with high buyer demand, agents report brisk sales in many areas, especially in the mass-market sectors.