Overall, the average value of a house in Britain has decreased since the beginning of the year. It’s clear that concerns over Brexit are beginning to show in the property market, as the uncertainty creates delays. Buyers and sellers are inevitably opting to wait until they know what’s happening when the UK parts from Brexit. Amid the confusion, there are actually some parts of the country which are celebrating boom instead of doom and gloom. There are pockets of regions which have witnessed a surprising rise in house valuations since the Brexit vote took place.
Leicester and Manchester have seen price growths of 17.2% and 16.6% respectively
For example, Leicester and Manchester have seen price growths of 17.2% and 16.6% respectively. Liverpool, Leeds, Glasgow, Edinburgh, Belfast, Sheffield, Cardiff and Bournemouth have all witnessed more than 10% hikes. All 20 of Britain’s largest cities have enjoyed year-on-year growth in terms of property value. This positive news is the first of its kind for the top 20 since 2015. In the capital, the performance hasn’t been so commendable with just a 2% increase since the vote to leave was counted. Nevertheless, it’s still a positive figure and many experts believe London’s housing market is starting to stabilise as the cobwebs of politics get dusted off and buyers who have been waiting patiently, start to get stuck in. They’re observing opportunities and deals with strong value for money, a notion which is fuelled further by the fact that sellers are operating with extra doses of realism in terms of their pricing.
Record-low unemployment as well as mortgage rates swimming around the 2% mark (on average), those in the know are suggesting buyers are simply shrugging off the Brexit uncertainties in the other regions of the UK. They won’t be put off, it seems, until there is a real concrete fluctuation in the outlook. Examining housing market activity demonstrates that the number of property transactions and the number of approved mortgages on housing purchases have remained stable – broadly speaking.