Property prices are rising FASTER in regions that voted for Brexit
BREXIT-backing regions have seen the biggest growth in house prices since the referendum in June.
Data shows that the five regions that voted most strongly to leave the EU have all seen house price growth in excess of 3 per cent since June.
By contrast, all the regions which voted to remain have seen more sluggish growth, with property prices even falling in Scotland - the most pro-remain region in the UK.
Campaign group The HomeOwners Alliance analysed six months of ONS (Office for National Statistics) property price data since the referendum to see how house prices have performed in different regions of the country since the vote.
It found that there was "a clear ‘Brexit effect’";, with property prices performing better in areas that voted most strongly to leave the EU.
The five regions which voted most strongly to leave the EU have all seen property price increases in excess of 3 per cent compared to June 2016, with the east of England the fastest-growing region at 4.25 per cent.
On the other hand, the only three regions which voted to remain have seen slower growth, the group said.
In Scotland, the most pro-remain region - with 62.1 per cent of the population voting to stay in the EU - property prices have dropped by 1.2 per cent over the last six months, while London and Northern Ireland have seen more modest growth.
London has seen growth of 2.45 per cent since June 2016, much less than other parts of the UK that voted to leave, including Yorkshire & Humber and the east Midlands.
The HomeOwners Alliance said higher property values in leave areas was because "people in regions that voted to leave are now more optimistic about their future prospects, and this impacting on the housing market."
Paula Higgins, chief executive of the HomeOwners Alliance said: “There is a clear pattern here; areas that voted more strongly to leave the EU have seen property prices grow faster over the past six months than areas that were pro-remain.
"Of course, house prices are dictated by a myriad of economic, political and social factors, but confidence – the all-important ‘feel-good factor’ – is vital.
“It seems that people in regions that voted to leave are now more optimistic about their future prospects, and that this impacting on the housing market.
"Conversely, areas that have fared less well, such as Northern Ireland, Scotland and London, may be less certain of their economic futures.”
But a report published last week by the Royal Institution of Chartered Surveyors (Rics), said that while property prices in central London have been falling for several months, most other parts of the UK have seen prices rises, with the north west and the south west of England and Northern Ireland seeing particularly strong growth.
And property prices in Bristol, which voted to remain a part of the EU, increased by 9.6 per cent in 2016 - more than any other city in the country.
Manchester, which also voted to remain, saw the second highest house price growth across 2016, with an increase of 8.9 per cent.
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