Property market 'not affected' by Brexit

PUBLISHED: 08:00 26 October 2016

New research shows 'no Brexit effect'

New research shows 'no Brexit effect'

Evgeny Gromov

House prices are still rising and buyer demand is up for the first time in seven months, according to new figures.

Research from the Royal Institution of Chartered Surveyors confirms that the property market continues to be unaffected by Brexit – with eight per cent more estate agents reporting an increase in buyer enquiries in September.

And the Office for National Statistics says the annual rise in property prices went up to 8.4 per cent in August.

The east of England and the south east were highlighted as areas in which the market is exceptionally strong, with these regions experiencing house price accelerations of 13.3 and 12.2 per cent respectively over the last year.

Kevin Shaw, national sales director at property specialist Leaders, said: “Industry figures, as well as our own results, suggest Brexit has failed to have a significant impact on the property market. The market still looks incredibly strong, with prices rising and more buyers coming forward to search for a new home.

“All this combines to put sellers in a strong position and to make it the ideal time to sell a home. Following some post-referendum jitters in June and July, confidence is returning and this is filtering through to both sellers and buyers.

“The outlook remains positive and I expect more sales and stable prices to be a feature of the market going forwards. It is a particularly good sign that the latest figures are not purely a result of substantial growth in London, with a number of different regions reporting strong market activity.”

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