Transaction volumes down 8% post Brexit vote
The vote to leave the European Union has hit the number of transactions by 8%, according to comparison site reallymoving.com
However in some areas the number of transactions could be hit even harder, with London down 44%, the home counties down 27% and Northern Ireland, which has the UK’s only land border with the EU, down a quarter.
Prices have also been affected with those in London dropping 12%, the South of England 8%, then the North East and Northern Ireland both hit for 17%. However Wales and Scotland have seen prices rise, Scotland by 15% and Wales by 7%.
Moves out of the UK have also increased by 43% in the four weeks since the vote, although moves into the UK haven’t changed. The most popular destinations for international moves from the UK are to Spain, USA, Canada, Australia, Germany and Italy.
Rob Houghton, CEO of reallymoving said: “It seems clear that Brexit has had a marked impact on the UK property market. The drop in transaction volumes has been striking, particularly in London, the Home Counties & Northern Ireland. In the medium term we would expect volumes to pick up if the price falls are maintained, but it is clear that many prospective home movers are sitting tight until there’s greater clarity over the post-Brexit economy and our likely new relationship with the rest of the EU.”