June 24th 2016 will be remembered as one of the most momentous dates in British history: it was the day the UK declared independence from the European Union in a close run poll which saw 51.9% vote to leave Europe, and 48.1% vote to remain.
Home owners held their breath; would house prices plummet following the Brexit vote? Months later, the dust has settled and despite fear, trepidation and a modicum of hysteria among some property pundits, the UK’s exit from Europe has had little tangible effect on house prices.
According to the latest report from 1Royal Institution of Chartered Surveyors (RICS), prices have stabilised countrywide – with the exception of London and the West Midlands which appear to be falling slightly.
As ever, each region tells its own story; In the South West, the property market has held steady. 2Rightmove’s price index reveals that in August this year, the average price house price was £300,606, compared with the average in July of £300, 904 – a slight downward shift of 0.1%. But contrast that with the year on year picture, when the average house price was £282,191 – and the annual change shows a very respectable 6.5% growth. Only the East of England fared better, with a year on year growth of 8.2%.
RICS’ members predict that house prices will increase by 3.3% a year on average for the next five years – a trend which is likely to be underpinned by the shortage of homes on the market.
Anecdotally in our beautiful corner of North Cornwall, we are pleased to report business as usual. Trade is brisk, and we have an enviable selection of beautiful homes on the market, including a number of luxury homes in the ever popular locations of Roserrow and Polzeath.
Our friendly and dedicated team are here to share our market expertise with you or just to provide some advice , whether you are considering selling or relocating and looking for your dream home.
Happy September!
Rosina.
1http://www.rics.org/uk/news/news-insight/press-releases/rebound-in-uk-housing-market-following-post-eu-referendum-dip
2http://www.rightmove.co.uk/news/house-price-index
