UK property market recovering from ‘referendum wobble’
The latest report from Rightmove shows the UK property market has recovered following a dip immediately after the Brexit vote in June.
Recent property news:
Mr Shipside said that, generally, the effects of the referendum look to have waned. In August, there were asking price falls in eight out of ten regions but, by September, prices had risen or were flat in seven out of ten."The market continues to shake off the effect of post-Brexit vote uncertainty, though more so in the lower end sector," he said. "Buyers are still looking and inquiring, but there are limits on their willingness or ability to pay over the odds so sellers should be wary of over-pricing unless their local market can really justify it."London, after a long period in the doldrums, saw the strongest monthly increase in asking prices in September, with a 1.9 per cent rise, taking the average to £630,974. The East Midlands saw the next largest increase, with a 1.3 per cent rise, which took the average to £197,502.Prices dipped in Wales and, to a lesser extent, in Yorkshire and Humberside, and NW England. They were unchanged in SW and NE England and the West Midlands, but rose in SE England and East Anglia.Kevin Shaw, national sales director of estate agents Leaders, was quoted by Rightmove as saying his firm was gearing up for a busy autumn. "September has got off to a strong start; we have seen an increase in new instructions – as is typical this time of year – along with strong demand from buyers, many of whom are keen to complete their move before Christmas," he said. Duncan Young, managing director of Sanderson Young in Newcastle, added, “The year started well until May when the Brexit fears caused a significant reduction in enquiries between May and July. August and September activity has been double that of last year making amends for the wobble earlier.”
©2017 Re:locate magazine, published by Profile Locations, Spray Hill, Hastings Road, Lamberhurst, Kent TN3 8JB. All rights reserved. This publication (or any part thereof) may not be reproduced in any form without the prior written permission of Profile Locations. Profile Locations accepts no liability for the accuracy of the contents or any opinions expressed herein.