Since the historic vote to leave the European Union many predicted a huge slump in UK property prices. This lead to some investors adopting a “wait and see approach” on the property market over the past year. However, recent research by eMoov found that in the last 12 months prices have actually increased 3.35%.
The recent research shows prices have grown from an average of £212,950 to £220,094 in the past year, dispelling any preconceived assumptions made by many before the result to leave the EU.
Former Chancellor George Osborne predicted an 18% fall in house prices last year at the G7 summit in Japan, warning the vote to leave would hit hard on the value of people’s homes.
The newly released figures show that regions where a majority voted to leave the EU saw the biggest increase, from an average of £191,611 to £195,957, up 2.27%.
Surprisingly, the top five regions that experienced the largest price growth were actually all home to a majority leave vote.
The East Midlands saw the most substantial increase of 3.84% followed by the West Midlands at 3.62%, the East of England at 3.46%, the North West at 2.92% and Yorkshire and the Humber at 2.92%.
According to Russell Quirk, eMoov chief executive officer, ‘The research makes it clear 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.
‘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,’ he added.