As the local property market expert, Stones Residential are constantly being asked how Brexit is affecting the housing market and thought you might find it useful to see some very short-term figures: Rightmove’ s House Price Index was released to the media recently and gives a national picture of house prices and activity over the past few weeks.
The Housing market has generally remained steady post referendum with the price of property coming to market falling around 0.9% this month which is within usual expectations for the run-up to the summer holiday season. Buyer demand in the few weeks since the surprise referendum result is consistent with 2014 although down on 2015. The same period in 2015 benefitted substantially from post-election boost so enquiries this year are down 16% compared to that period. However, 2014 was not distorted by the election so is a better basis for comparison, and buyer enquiries are at the same level as the like-for-like period in 2014. Stones residential have noticed there is still plenty of market momentum continuing due to the shortage of suitable property for sale, buyers fearful of missing out on scarce choice, and affordability and availability of low mortgage rates. Sellers seem undeterred – compared to the same period last year, the two weeks pre-referendum saw the number of new properties coming to market down by 8%, and the two weeks post-referendum saw them up by 6%.
Overall, the only thing we do know is that it is far too soon for any of us to start predicting exactly what is going to happen in the medium and long term in the housing market and with demand far outweighing supply in Greater London and the South East, it is unlikely we are going to see any significant fluctuations in the market.
