Brexit And The Property Market

Brexit And The Property Market

An article, recently published by the South China Morning Post  (SCMP) looked at how Brexit has affected the property market differently in the north and the south of the UK.

SCMP discuss how Brexit seems to be affecting the South much more so than in the north, stating that 'The London Market is taking the biggest hit. The capital's asking prices dropped 1.1% in March according to Rightmove, while the national measure rose 0.4%'.
These claims are also supported by the vast amount of business we see moving up North, including the relocation of Channel 4 to Leeds.
There has been an annual price growth of 2.9% for both Yorkshire and Humber during January as well as increases of 4.4% in the East Midland and 3.4% in the North West. However, London is declining at 1.6%, which is the most since 2009.  
Ian Stanistreet, a partner at Scanlan's discusses that:
'Our Manchester, Birmingham and Leeds offices are all as busy as usual with plenty of activity. Some are holding back on buying or selling but most are carrying on regardless. Despite Brexit uncertainty, the UK economy and jobs market, in particular, are holding up well on the back of strong consumer spending. It will be interesting to see what happens when we have some certainty over Brexit.'
Only time will tell how Brexit may affect the property market, but for now, we see much clearer skies for the North of England.

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