For our latest edition, we look at the impact of current Brexit news, as well as a general georgraphic housing market update.
Latest Brexit Impact
In a recent speech, Theresa May has indicated that her Government would rather the UK left the single market. This will potentially add uncertainty to the buying market by putting jobs at risk and we resulting in possible spikes in property withdrawals and fall throughs in the coming months. In January, we tracked around 5,500 fall throughs per day in the UK, similar to the average before Christmas at the end of last year. That rate was running steady after the spike of over 80,000 fall throughs per day at the beginning of December. There was a slight shrinkage in the UK housing market as a whole, but that was more than likely, this was a result of the market slowdown over the Christmas break.
On February 1st, MPs voted to back Article 50, giving the green light for the Goverment to trigger this legislation and to eventually progress to leave the EU. Stay tuned for upcoming editions on our Insight blog, where we'll look at the impact this monumental decision has made on the housing market.
Next, a look at the geography of the UK housing market:
The average asking price for a house on sale on the 12th January was just under £325,000, dropping to around £280,000 when excluding London
Of the 7 postal areas that have an average asking price of over £1,000,000, five are London areas, the other two are Jersey and Guernsey
The most expensive postal district on the 12th January was SW1H, an area neighbouring St James's Park and Buckingham Palace, with an average asking price of just over £5.6million spread over 6 properties
London held the top 20 most expensive postal districts in the UK, and 71 of the top 100
Conversely, there were 63 postal districts in the UK where the average cost of a house was less that £100,000
Apart from a few spots in South Wales, the most southerly district out of the above 63 was in Stoke-on-Trent, an indication perhaps of the reality of the North/South housing market divide in the UK
*Data as at January 2017
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