Areas of the UK which voted most strongly in favour to leave the European Union last June have witnessed the highest price rises in property, research has shown.
Statistics by the Office for National Statistics (ONS), researched by the HomeOwners Alliance, reveal that regions of Britain which voted for Brexit have boasted more resilient property price growth compared to areas that were less in favour of leaving the EU.
The data compiled by the ONS is the first full analysis of Britain’s property market from the six months following the EU referendum. The HomeOwners Alliance research into the data found some obvious patterns to the housing market since June last year, which suggests, when it comes to house prices, there may be some kind of ‘Brexit effect.’
According to the research, Britain’s top five Brexit regions have seen property prices increase in excess of 3% compared to June 2016 before the referendum took place. The east of England with strong Brexit support, has been the fast-growing property region in the UK during the post-Brexit climate. The other four regions which voted to Leave the EU and have subsequently seen the highest property growth are the West Midlands, the East Midlands, Yorkshire and Humber and the North East.
By contrast, regions that voted strongly to remain have witnessed slower property price growth since the June referendum. Scotland, which voted by a 62.1% majority to stay in the EU, has seen property values fall by 1.2% in the six months after the Brexit vote, the research shows. In London, which had a 60% remain backing, the second most pro-remain region of the country, house prices have risen in the six months after the referendum, but at a slower 1.2%.
Whilst it is difficult to pin regional property price growth on particular aspects, as they can be influenced by a number of social, economic and political factors, the pro-Brexit region house price growth has been hailed as being associated with the greater confidence felt within the areas that voted strongly to leave the EU.
