UK house prices to continue to rise despite Brexit

Online estate agent eMoov latest survey* reports homeowners  believe UK house prices will continue to rise, in spite of the Brexit vote.

With any concrete evidence of Brexit on the UK property market yet to surface, eMoov surveyed over 1,000 UK adults to find out what they thought about the votes impact on house prices, property demand and sales, interest rates, unemployment, buying in Europe and whether or not they had changed their mind with regard to the way they voted.

A few months has passed since Britain made the decision to leave the EU and as of yet, there has still been no meaningful impact on the UK property market, other than a seasonal 1% drop in property values.

House Price Change

Over the next 12 months:
70% of those asked believed there would be a change in UK house prices as a result of the Brexit vote
54% of those believing that UK house prices would maintain the upward trend and continue to increase.

Over the next five years:
78% of those asked believed the Leave vote would impact UK house prices and property values
64% of those believing it would, again, see an increase in the price of UK property.

Property Demand

Would Brexit vote result in less demand for UK housing due to lower immigration levels?
61% of those asked didn’t think that lower immigration levels would help quell the overwhelming demand for UK property.

Property Sale

Has the Brexit vote changed the minds of those selling their property?
78% of those weren’t swayed by the vote and it had no impact on their decision to sell
23% stated that when voting in the referendum their decision was swayed by selling a property
59% voted to remain because they were involved in a sale.

Interest Rates

What do you think would happen to UK interest rates as a result of the Brexit vote?
78% of those asked believed there would be an impact one way or another
63% thought rates would drop even further, despite the UK already enjoying a cut to 0.25% just weeks prior to eMoov’s poll.

House Building 

Would Brexit have a negative impact on house building in theUK?
53% believed that leaving the EU would have a negative impact on house building in the UK, due to the lower number of European tradespeople.

Buying in Europe

Would the Leave vote impact the purchase process of those looking to buy a holiday home within remaining EU member states?
62% of those asked believed that it would now be harder for UK nationals to purchase a property in mainland Europe.

Unemployment

eMoov also asked if the Leave vote will result in higher UK unemployment.
56% believed that the decision to leave the EU would not result in higher unemployment levels across the UK.

Recession

Would the EU vote lead to another recession in the UK?
65% believed that the Brexit vote could trigger another UK economic downturn

Second Thoughts

eMoov asked both Leave and Remain voters if they would vote differently now:
21% of Leave voters would have changed their mind if given a second chance
15% of Remain voters also having a change of heart.

Founder and CEO of eMoov.co.uk, Russell Quirk, commented: “There is still little evidence to show any detrimental impact on the UK property market, despite a number of media publications looking to scare the British public into thinking otherwise.

“The UK market is still looking impenetrably strong, with just a minor seasonal drop in values being the only chink in its armour. This research shows that the troops on the ground, British home sellers and buyers, are seeing the same when it comes to selling and buying and so far there is little if anything to worry about.

“Yes, any lasting damage will take time to show conclusively but had there been any as a result of the Brexit vote, the shockwaves would have already impacted on the ground level and it appears that this just isn’t the case.”

*The research was carried out online for eMoov.co.uk by RWB between 9^th August 2016 and 11^th August 2016 in a sample of 1,012 UK adults