Brits overestimate the impact of Brexit on house prices
Three-quarters of Brits think Brexit had a worse impact on UK house prices than was the reality, research from property buyer Good Move has revealed.
The study asked 2,000 Brits to estimate how house prices have changed in UK cities since the EU Referendum.
Nearly a third (32%) thought house prices have fallen in their area, while three-quarters (74%) underestimated how much they have risen.
Property prices have risen in every major UK city since June 2016, though at a slower rate than other periods.
Ross Counsell, director at Good Move, said: “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.
“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.”
In 14 of the 15 cities studied, residents believe that their local house prices have increased by less than they actually have.
Only Londoners overestimate the rise in their local property prices, believing that they have increased by nearly £12,000 since 2016, when in fact they have only grown by £4,600.