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Healthy Activity in the Housing Market Shows 'Resilience' in the Face of Brexit

New data shows that the UK’s housing market, while undergoing a slight slow-down, is showing signs of healthy activity and resilience in the wake of Brexit despite fears.

New data shows that the UK’s housing market, while undergoing a slight slow-down, is showing signs of healthy activity and resilience in the wake of Brexit despite fears.

Utilising data representative of 90% of the properties in the UK’s market, estate agents Jackson-Stops & Staff observed that the level of activity in the market has remained steady following Brexit.


Analysing the property market as it stood on the day before the referendum, 22nd June, and from August 8th, the report has found that the total number of properties on the market has actually risen.


Prior to the Brexit vote, there were 866,179 properties for sale across the UK, with 40.7% of these under offer - a total of 352,301.


On August 8th, this number increased by 1.7% to a total of 872,953 on the market. However, the number of properties under offer had fallen to 335,176 – a 4.3% decrease overall and a market share of 38.4%.


Beyond Brexit, the average asking price for a UK property has also risen by £1,040 from £240,470 on 25th July to £241,510 on August.


Analysing those properties already on the market, the report found that the average asking price on properties now under offer, or those sold subject to contract, had declined by 3% in the two weeks leading up to August 8th.


Conversely, the average asking price for all properties for sale on the market has actually risen over the same period, increasing by 3% to an average value of £247,026.


Commenting on the findings, chairman at Jackson-Stops & Staff, Nick Leeming, said: ‘Looking at only the average asking price of all properties on the market, but not under offer or sold, … sellers with agreed offers have been more realistic in pricing their properties than those without an agreed offer in place.’


Mr Leeming also warned that any slow-down in activity seen at present may be as attributable to the typical seasonal trend in the market in the summer, rather than being demonstrative of a Brexit impact.


“ […] Although agreed offers have marginally decreased, many thousands of buyers are still making offers to buy homes in the present economic environment. As a result, many sellers are feeling confident, demonstrated by the fact that asking prices themselves have not fallen – and have in fact seen a moderate increase.”

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