Two years on from the Brexit vote, the UK property market continues to strengthen, providing sellers with a positive opportunity to move their property, a report in the Global Banking and Finance Report notes.
The vote on 23 June 2016 paved the way for the UK's potential exit from the European Union. In the time since, house prices have steadily risen, giving home sellers an opportunity to walk away with more pounds from selling their property.
Though some Britons initially feared chaos in housing and other markets after the Brexit vote, so far the fears have proven to be without merit. the demand for property is rising, and the UK government continues to explore ways to address the nation's housing needs. What's more, the UK economy continues to enjoy healthy growth. That's positive news for UK home sellers.
Property Prices Continue to Rise
Since 2016, UK property prices have continued to rise steadily, according to a report from Office for National Statistics (ONS). Today UK home sellers can expect an average of £14,000 more on the asking price of their home than they could in June 2016.
The ONS report also details other positives that have come to the UK property market since the 2016 Brexit vote. Among the report's findings:
- From June 2016 to April 2018, the average UK property sell price went from £212,887 to £226,906 -- an increase of 6.6 per cent.
- English home prices increased by an average £15,209, from £228,430 in June 2016 to £243,639 in April of this year.
- Scotland, Wales and Northern Ireland saw an average house price increase of £8,514 during the period of June 2016 to April 2018. Property sellers in Wales saw the most increase in their sale prices, gaining nearly £10,048 extra, whilst those in Scotland and Northern Ireland sold for an average of £8,718 and £6,777 more, respectively.
Deadline March 2019
Barring future referendums, Brexit's official two-year deadline is set for March 2019. For UK property owners, that means the time to sell is now. Doorsteps offer free house valuations online, as well as in-person valuations of your property. Contact us to see how we can help you sell your home today.