The UK’s regional housing market is shrugging off concerns found in the wider economy following the Brexit vote. New information from Rightmove suggests that the housing market has been resilient to Brexit worries affecting the wider economy.
Although this is a problem for first-time buyers who are facing strong year-on-year price rises, the news is broadly good for buy-to-let investors, signalling confidence and strength in the market.
In London, the combined effect of higher rates of Stamp Duty and Brexit has pushed investors out of the capital and house price growth, which was at 14 per cent in 2016, is likely to fall to three per cent this year and the outlook shows little promise of returning to any similar level in the foreseeable future.
The results also show that there are more buyers and sellers overall than this time last year. The number of sales agreed were also up by 4.6% in June 2017 compared to the same time last year.
Miles Shipside, Rightmove director and housing market analyst, said: “A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong.”
And they do. Low unemployment and low interest rates continue to ensure the UK is a good choice for investors.
Source: The Guardian, UK housing market shrugs off concerns of Brexit slowdown; City AM, Six charts showing what the Brexit vote has done to UK house prices