Property News > SOLD: Where Houses Are Selling Despite Brexit

SOLD: Where Houses Are Selling Despite Brexit

The property market is somewhat at a crossroads at the minute.

With Brexit looming more and more people are reluctant to enter the market, particularly as one in five deals are collapsing according to reports.

That’s seen property price growth stall and fewer sales across most of the UK. However, some regions are still thriving.

Parts of the country are still enjoying a roaring trade, unaffected by March 29’s red letter day and seeing a whole host of movers.

But where are those postcodes in which property is still being snapped up?

London

For the most part, London is a city struggling to sell, with property at its lowest price since 2013.

In Southwark and Wandsworth though, property is selling better than anywhere in the country, with £1.3billion sold across 2018 in the SE1 postcode.

SW11, also on the Wandsworth area, welcomed £1.1billion in housing sales, with Kensington having the third highest figure in the country, enjoying around £895million in sales.

It can’t be denied that London is struggling. Estate agents have been weathering the storm in recent months, but despite this, the capital makes up for the entire top 15 when it comes to the most valuable property sales.

The Rest of the UK

Many parts of the rest of the UK have also seen remarkable property sales, with first-time buyers landing a large proportion of that.

For the most part, the most lucrative are within a stone’s throw of the capital, with commuter towns and cities in the South East enjoying promising sales.

Wealden in the Brighton area boasts the best property market outside of London, with £554million’s worth of homes bought and sold across 2018.

Brighton also saw large volumes of sales in other areas, as BN1 and BN2 also proved a rich postcode with the areas the third and fourth richest markets outside of London.

SL6 finished 2018 as the second most lucrative area outside the capital, welcoming £550million in sales, while up north, the area of SK9, which covers the area of Alderley Edge and Wilmslow saw sales worth hundreds of millions.

In the East Midlands, LE12 appeared to be thriving, while CF14 in Cardiff and areas of Harrogate and Beverley also showed no sign of Brexit affecting sales.

Will Brexit Affect These Areas

For the most part, the most lucrative areas in terms of property sales were those that were already traditionally wealthy areas.

Post Brexit, trade will likely see little downturn, but the rest of the country will undoubtedly be affected.

How, is a different story and one that has seen a raft of varying opinions from experts. In London, with the pound weak, a wealth of foreign investment is predicted to come into the city’s property.

In other regions, homes are already selling quickly. Runcorn have seen property sales speed up in the build up to the end of the month, while the East and West Midlands are also seeing homes sell significantly quicker than the national average.

It really isn’t all doom and gloom within the property market, and while there will be uncertainty over the coming year, some areas will still flourish.

Some pundits are even claiming that while house price growth is dropping, house prices are simply part of an overdue market correction, having seen prices rise dramatically over the last decade. Which could be encouraging for the buyer, particularly if they want to stay in the home long term.

It appears to be somewhat of a waiting game for both supply and demand in many areas, with buyers waiting for a house price crash and builders and sellers reluctant to enter the market.

The truth is, the market is going to be a reactive one over the coming years, and there will be windows of opportunity for everyone. The buyer who is looking for a home to live in could benefit from a drop in house price growth, with the market likely to rise again in the long term.

What is for sure, the likes of Wilmslow, Kensington and Brighton will continue to do a roaring trade and prop up the market in the short term.

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