The first concrete look into how the UK market has performed on the two-year anniversary of the country’s decision to leave the EU has been provided by the latest UK HPI release of property price data for June.
With the headlines showing house price growth is at a five year low across the UK, leading Hybrid Estate Agent, Emoov.co.uk, has crunched the numbers to see where has suffered and where has shrugged off the wider market slowdown to enjoy strong price growth.
Nationwide, prices are up 7.3% since the vote, with England and Scotland both enjoying the same increase, while price growth in Wales trails slightly at 7.1% and has hit 7.7% in Northern Ireland.
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%.
Across the UK it’s the Orkney and Shetland Islands that have enjoyed the largest growth since Brexit, up a huge 36.1% in the Orkney’s and 19.9% in the Shetlands.
England compiles the rest of the top 10 largest increases with Thanet (18.8%), Harborough (18.4%), Kettering (18.4%), Tendring (17.8%), Maldon (17.7%), Sandwell (17.2%), Blaby (17.2%) and North Norfolk (17.0%).
The City of London has been by far the worst area of the UK for property price growth with a drop of -21.9%. However, with an average house price of over £900,000, homeowners aren’t completely out of pocket. The City of Aberdeen is the second worst and only other area to see a double-digit drop at -12.3%.
With an average house price of £1.2 million, Kensington and Chelsea has also seen a notable drop at -7.4%, with the Western Isles (-6.2%), the City of Westminster (-6.0%), Three Rivers (-5.7%), wider Aberdeenshire (-5.4%), Hammersmith and Fulham (-4.4%), Wandsworth (-2.9%) and Southwark (-2.9%) all seeing some of the largest declines in price growth.