Property prices in leave voting areas perform the best

Michael Lloyd

November 13, 2019

Property prices in leave-majority areas in England and Wales have outperformed those in remain-voting local authorities in the three years since the referendum, Proportunity has found.

Eight of the top 10 best performing local authorities had pro-Brexit majorities.

Leave voting areas have seen an average 9.97% of overall growth since 2016, whilst remain voting areas have only grown by an average of 8.13%.

Vadim Toader, chief executive and co-founder of Proportunity, said: “While there may have been concerns that leave-voting areas in England and Wales would be hardest hit by a drop in EU trade post-Brexit, their property markets have been outperforming Remain areas since the referendum result was announced.

“Obviously this isn’t purely down to Brexit, with local factors at play and leave-majority districts typically being on the more affordable side to begin with.

“London, which is over-represented in the 10 worst performing areas, has its own specific issues.

“The top end of the market has been hit hard by stamp duty reforms while first-time buyers in the capital are struggling to get on the housing ladder thanks to the eye-wateringly high deposits required, with the high cost of living in London generally eating into their ability to save enough cash for a down payment.”

The top performing local authority in England and Wales over the past three years has been Castle Point (72.70% leave), situated on the north edge of the Thames Estuary in Essex.

This was one of the most pro-Brexit counties in England.

Only the remain-majority London Borough of Newham (52.8% remain) and the city of Manchester (60.4% remain) were in the 10 best performing districts.

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