confidence still high despite brexit

WallSnaps

 

Greene & Co. Director, Stephen Matthews, comments on today’s ONS/Land Registry House Price Index. 

“Today’s data shows that despite the uncertainty surrounding Britain’s Exit from the EU, investment in London property continues to be highly prized and rewarding. In the lead up to the Brexit, confidence continued to remain high, with UK house prices increasing by 1.1% in May across all properties.

London as a region once again achieved the highest annual growth nationwide, with prices increasing by 13.6% in the year to May 2016, and with the average house price now at £472,000. This data is on trend with the continuing growth we have seen across all of our North London branches over the first quarter, with the number of property sales rising to 47% in March, compared with the two months previous.

“What is apparent is that the demand for London property will continue to perform well in the long term, as buyers are spurred on by lower interest rates, and as favourable exchange rates attract new foreign investment post-Brexit.”

The Property Ombudsman