The latest UK HPI release of property price data for June provided the first concrete look how the UK market has performed on the two-year anniversary of our decision to leave the EU.
Across the UK, prices are up 7.3% since the vote.
Regionally, the West and East Midlands are ahead of the rest with price growth hitting double-digit figures in the last year, 10.9% and 10.3% respectively. The North East has suffered the most with prices increasing by just 0.3% in the last two years. The high cost of living in the capital has also taken its toll with London the second worst performer at 1.8%. This is largely due to central London and when split, Inner London price growth falls further to 1.2% while Outer London picks up the pace at 4.1%.
However, while the headlines may paint a picture of doom and gloom, it’s interesting to see which areas of the UK are actually driving this slowdown and which have ignored the market naysayers to record extremely positive price growth trends.
London is a prime example, whereby price growth has recorded its biggest fall since 2009 but in reality, 70% of London boroughs have seen prices increase since the vote, some by huge margins. Those that have seen a decline and are driving the wider negative price trends are for the large part, the million pound plus market.
Across the UK there are a wealth of areas enjoying strong growth, primarily as a result of a business as usual attitude and a realistic asking to sold price expectation.
* courtesy of Property Reporter