Brexit vote has affected house prices in Remain areas more than Leave

Ryan Bembridge

April 12, 2019

The political uncertainty caused by Brexit has affected Remain constituencies more than Leave – though house prices have continued to rise in both areas.

Research by for sale by owner platform, OkayLah, found that since June 2016 prices have risen by 11.6% in Leave areas and 10.7% in Remain constituencies.

Paul Telford, chief executive of OkayLah, said: “There’s no doubting that the government’s failure over Brexit and the impact it’s had on the property market and wider economy. However, those to have voted Leave will be feeling a little better about the situation given the fact house prices in these majority wards have outperformed their Remain counterparts.

“I think this demonstrates the ‘get on with it’ attitude displayed in these areas whereby home buyers and sellers have been less phased about our EU future and this has helped to stimulate the market, bringing more positive house price growth as a result.

“I expect, if an extension is granted, this will continue to be the case so for those in Leave areas, now is a great time to sell. For those buyers sat on the fence over Brexit, a purchase now will cost them some ten or eleven percent more than it would have a few years ago and continuing to wait it out could be further detrimental in terms of the price you will pay.”

When looking at the 10 best areas to have benefitted from the highest rates of house price growth since the vote, just three of these constituencies were home to a Remain majority.

Clacton has enjoyed the highest increase at 25.7%, East Ham is the best performing remain constituency with an increase of 25.6% and Bedford and Salford and Eccles have also seen growth of 25% or above.

North East Bedfordshire (Leave), Birmingham Ladywood (Remain), Coventry North East, Colchester, Romford (Leave) and Bristol East (Remain) are also home to some of the highest house price increases since the vote.

On the other hand, 80% of the top 10 worst constituencies for property price growth since the vote were home to a Remain majority.

Putney has seen the worst decline with a drop of -4.3%, Newcastle upon Tyne East has seen prices fall -3.9% and Islington South and Finsbury is down -2.8% while Islington North has dropped -1.8%.

Blyth Valley is the worst performing Leave majority constituency with prices down -0.7%.

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