Almost three in four people in Britain believe that the UK property market has been hit harder than has actually been the case, according to a new piece of research from property buyer Good Move.
Indeed, almost 2,000 Brits were asked to estimate the impact of house prices across UK cities since the European Union Referendum result was announced back in June 2016. The results showed that 32% were under the impression that house prices had fallen in their area, while 74% believed that growth has been weaker than its actual figure.
In fact, every major UK city has recorded property price growth since June 2016, though in many cases this has been at a slower rate compared to other periods.
“With so much uncertainty around Brexit, it’s perhaps unsurprising that many Brits overestimate its effect on UK house prices. While house price growth has been slowing, it appears Brexit hasn’t had the scale of impact that many believe or assume that it has,” said Ross Counsell, director at Good Move.
“Our research has highlighted that many Brits are unaware of house prices in their area too. It is a good idea to keep tabs on local property values, so you are well-informed if you ever decide to move house,” he added.
The study included 15 cities, and residents in 14 of them were found to be underestimating the level of house price growth in their area.
Only those based in London were found to be overestimating the extent to which prices have grown in their area. Indeed, the study showed that the estimations of those surveyed in the capital were out by over £7,000 – believing that around £12,000 had been added onto their property since June 2016, when in fact the actual figure is more like £4,600.