Boosted by Brexit: The Areas In The UK Where Property Prices Are Rising

The continued uncertainty around Brexit has weighed heavily on the property market in Britain, with house prices almost slowing to a stop at the start of the year.

According to figures from Nationwide Building Society, growth in the property market was still sluggish in February with the average purchase price of £211,304 slumping down from the previous month of £211,966.

The standstill has been widely attributed to Brexit by the experts who believe that homeowners are delaying any decision until the UK leaves the EU.

However, there are some areas around the country who are bucking this trend with house prices posting healthy rises despite the ongoing turmoil.

Northern delight

Property gurus, Zoopla, have produced a list of house prices around the country which summarises the movement since the referendum in 2016. Although there has been much gloomy speculation about the financial effects of Brexit, it seems that not everywhere is conforming to expectations.

The north of the country in particular, has seen a boom in property prices, shrugging off the economic instability to post surprising rises.

Leicester and Manchester are two of the highest performing areas, with property price increases of 16.6% and 17.2%. Scotland has performed strongly too with Glasgow posting a 10.3% hike and Edinburgh rising by 12.2%.

Out of the top 10 performing cities for property prices in the UK, the only location in the south was Bournemouth, with Cardiff taking the sole spot for Wales.

London Set to Follow Suit

The capital hasn’t performed as well as other areas, with figures showing that the Brexit effect is having the biggest impact here. With prices higher to start with, the market in London has been stagnant with growth of just 2%.

There are signs that things are beginning to change however, with Zoopla reporting that London prices are becoming more robust. The market is still 25% below 2016 prices and there are doubts whether the gap will be recovered in the near future.

Property Market Rising in Face of Uncertainty

Despite the continued uncertainty around Brexit, there have been signs of strong growth in a number of regional cities in the UK. There are growing signs that this is set to continue, with buyers looking to take maximum advantage of lower house prices.

With the Brexit process becoming protracted and the final outcome not yet known, it seems that buyers are increasingly choosing to return to the market until a material change actually becomes a reality.