House prices rising faster in Pro-Brexit regions

The latest figures suggest that house prices are rising faster in the pro-Brexit regions that voted to leave the European Union, in the Brexit referendum that took place in June last year.

 

While many factors influence property price rises, it is possible that these results are being influenced by the optimistic view for the future, of voters and investors in these regions.

 

Regions with the fastest rising house prices

 

Since June 2016, the East of England has seen the highest rate of house price increases at 4.25 percent and in this region 56.4 percent of voters voted to leave the European Union. The West Midlands was not far behind with a 3.57 percent rise in house prices and with 59.2 percent of voters being pro-Brexit.

 

In Yorkshire and the Humber there has been a 3.53 percent house price rise with the North East and East Midlands experiencing a house price rise of 3.34 percent and 3.11 percent respectively, with all of these regions voting leave.

 

Regions with the slowest rising house prices

 

These statistics are in stark contrast to those of the three regions that voted to remain. London house prices only rose by 2.45 percent and 60 percent of voters in London voted to remain as part of the European Union.

 

Worse figures still were seen by Northern Ireland at 1.81 percent property price rise and Scotland at 1.2 percent property price rise.

 

These figures come from the Office for National Statistics and were analysed by The HomeOwners Alliance.

 

Property investment for 2017

 

Property investment and development in the pro-Brexit regions would appear to offer the greatest opportunities, but some of the cities that voted remain had the largest house price rises of all.

 

Bristol for example voted remain and has seen a 9.6 percent rise in house prices during the whole of 2016, which was more than any other city. Manchester, and its remain vote, also didn’t affect its performance with an 8.9percent rise in property price.

 

Two other cities that look primed for investment includes Oxford that enjoyed an 8.1 percent house price rise in 2016 and Portsmouth that enjoyed a rise of 8 percent.

 

While new investors in property should attend Property events in order to get an insight into development and the associated risks, the bottom line is that the UK has a shortage of new homes. While demand is higher than supply, the opportunities to make a profit in property investment do too.

SHARE

NO COMMENTS