Average House Prices
Are Still Climbing In A Post-Brexit UK

The post-Brexit
property landscape shows surprising levels of growth. Some areas of London are
struggling but other areas near Crossrail stations are thriving.

In the
aftermath of the Brexit vote, there was great uncertainty surrounding the
immediate future of the property market. A reported 11% of buyers pulled out of
house sales in the final weekend of June 2016 as a general panic swept the
nation and the public came to terms with what a post-Brexit Britain might look
like. Yet despite huge concerns that the UK might be facing another property
crash, the after-effects of the referendum resembled more of a blip than a
disaster. Six months on and estate agents are reporting that the property
market is strong once again.

Average House Prices Across The Country
 

The average
asking price for a property in the UK is roughly just less than £300,000. According
to recent data, house prices are expected to rise by approximately 2% across
the UK in 2017. This represents the seventh consecutive year of house price growth
in the country which is perhaps a surprise given the reaction to the Brexit
vote and the affordability issues that many homeowners currently face.

Average London House Prices

The UK’s capital
often operates on a separate economic scale to the rest of the UK. Salaries,
rents and the cost of living are all usually reported as being much higher than
elsewhere in the country. The market in London is a good example of how
different influences within the city can affect its house prices. The average
asking price of a home in London is currently £616,000 which is over double
what a typical residence outside of the capital might cost. However, this
figure doesn’t tell the whole story.

What A Difference A Borough Makes

London is
made up of thirty-three different boroughs and the property prices within each
of them vary greatly according to the house price data that has emerged over
the last twelve months. Properties in areas located close to Central London
such as Camden
are actually down 17.7% since December 2015. Boroughs in West and South-West
London also fare badly with areas such as Merton and Hounslow down by 13% and
5.9% respectively.

East London And Essex

The property
market in some areas of London looks a little bleak as vendors struggle to come
to terms with the post-Brexit jitters that some buyers are still feeling.
However, prospects look much brighter in East London and Essex. The London
borough which has experienced the largest price growth throughout 2016 is
Havering which has increased by 11.4%. At the end of 2015 the average house there
was worth £351,506 and this figure now stands at £391,511. Basildon
estate agents
are reporting similar findings out in Essex. The
positive outlook towards the east of the capital may be caused largely by the
exciting development of the Crossrail infrastructure which is
due to open in December 2018. Areas which are situated close to stations along
the new route are prime property investment opportunities for buyers.

Many
Londoners are already finding it impossible to get on or move up the capital’s
housing ladder. They are looking at areas beyond inner London’s transport Zones,
and Essex is certainly attracting interest from those looking for great value
with the potential to make money. Property prices are already rising rapidly in
the county, but it’s not too late to take advantage of this investment hotspot.
Make 2017 the year to make some money on your property!