No Brexit effect as house prices surge and buyer demand rises

Wed 19 Oct 2016

The UK’s property market continues to be unaffected by Brexit, with the latest figures showing house prices are still rising and buyer demand is up for the first time in seven months.

Statistics from the Royal Institution of Chartered Surveyors show eight per cent more estate agents reported an increase in buyer enquiries in September, while the Office for National Statistics says the annual rise in property prices accelerated to 8.4 per cent in August.

Kevin Shaw, national sales director at property specialist Leaders, says: “Industry figures, as well as our own results, suggest Brexit has failed to have a significant impact on the property market.

“The market still looks incredibly strong, with prices rising and more buyers coming forward to search for a new home. All of this combines to put sellers in a strong position and to make it the ideal time to sell a home.

“Following some post-referendum jitters in June and July, confidence is returning and this is filtering through to both sellers and buyers. What’s more, the outlook remains positive and I expect more sales and stable prices to be a feature of the market going forwards.”

The east of England and the south-east have been highlighted as two areas in which the market is exceptionally strong, with these regions reporting a rise in house prices of 13.3 and 12.2 per cent respectively over the last year.

Kevin adds: “It is a particularly good sign that the latest figures are not purely a result of substantial growth in London, with a number of different regions reporting strong market activity.

“Our own statistics show there has been a rise in the number of viewings requested by buyers, the amount of offers we have received and the quantity of agreed sales through August, September and early October.”

For more information and advice on selling or buying a property, contact your local Leaders branch.