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UK NEWS

Brexit impact on UK property

Sep 20, 2016
Post-Brexit, reallymoving published a detailed analysis of its impact on the UK property market. Overall, both property prices and transaction volumes (seasonally adjusted) fell by around 8%, but there were wide regional variations.

London, the Home Counties and Northern Ireland were the hardest it. reallymoving’s analysis of the UK property market showed that:  

  • Transaction volumes (seasonally adjusted) fell by 8% 
  • Property prices are down by 8% across the UK 
  • Transaction volumes are down by 44% in London 
  • Scottish property buying prices are up 15%  

The analysis was based on the 35,000 people who registered for quotes for conveyancing, surveys and removals on reallymoving in the four weeks before and after the Brexit referendum (27th May to 23rd June, 2016 and 24th June to 21st July , 2016.) 

Transaction volumes fell markedly, down 12% for the month post-Brexit compared to the month before. This was based on conveyancing and survey quote requests on reallymoving. Although some summer seasonal decline is to be expected, typically around 4-5%, this is a seasonally adjusted 8% fall, an unusually high volume drop.    

Average property prices also fell sharply, dropping around 8%. This is a significantly larger month-on-month change than has been seen at any point in the previous 5 years.  Looking at the breakdown in prices and transaction volumes across the UK reveals striking regional differences. While London remains by far the highest priced region, prices fell 12% since Brexit, and property purchases were down 44%.  

The number of property purchases fell in all regions, most strongly in London, the Home Counties and Northern Ireland, while Wales saw a drop of just 3%.   

Although prices fell significantly in London there were even bigger declines in the North East of England and Northern Ireland, both fell 17%. But prices rose by 15% in Scotland, and by a more modest 7% in Wales.  

International moves have increased markedly since Brexit, but only for moves away from the UK, which increased by 43%. Moves to the UK are broadly unchanged. The most popular destinations for international moves from the UK are to Spain, USA, Canada, Australia, Germany and Italy.  

Rob Houghton, CEO of reallymoving said, “It seems clear that Brexit has had a marked impact on the UK property market. The drop in transaction volumes has been striking, particularly in London, the Home Counties & Northern Ireland. In the medium term we would expect volumes to pick up if the price falls are maintained, but it is clear that many prospective home movers are sitting tight until there’s greater clarity over the post-Brexit economy and our likely new relationship with the rest of the EU.” 

Reallymoving.com provides quotes for multiple moving services such as house removals, conveyancing solicitors, Chartered Surveyors and Scottish Home Reports, and allows customers to choose between local and national providers.    

Photo: Brexit has affected the property market, for better or worse, across the whole country.

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