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How has Brexit affected the property market?

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Tue 19 Jul 2016

How has Brexit affected the property market?

SALES: 

 

Housing market steady post referendum 

 

•Price of property coming to market falls 0.9% (-£2,647) this month, within usual expectations for the run-up to the summer holiday season

 

•Buyer demand in the two weeks since the surprise referendum result is consistent with 2014 although down on 2015: ◦Same period in 2015 benefitted substantially from post-election boost so enquiries this year are down 16% compared to that period

 

◦2014 was not distorted by the election so is a better basis for comparison, and buyer enquiries are at the same level as the like-for-like two weeks in 2014

 

•Most agents report market momentum continuing due to shortage of suitable property for sale, buyers fearful of missing out on scarce choice, and affordability and availability of low mortgage rates

 

•Sellers seem undeterred – compared to the same period last year, the two weeks pre-referendum saw the number of new properties coming to market down by 8%, and the two weeks post-referendum saw them up by 6%

 - Miles Shipside, director and housing market analyst for Rightmove