Property sales have fallen significantly in London and the South East if England but the West Midlands, North West and Wales defy the current Brexit uncertainty.
Nationally, the average sales rate, that is the percentage of stock that is under offer, has remained consistent at around 40%. Regionally, however, it is possible to see which areas have thrived and which have struggled since the European Union referendum.
New data shows that transactions in Greater London are down by 7% and down 8% in the South East over the last two years, according to the analysis by Quick Move Now.
It also shows that sales in Wales are up by 11% over the same two year period, up 8% in the North West and up 7% in the West Midlands. Sales also increased by 4% in the East Midlands and in the North East but they fell by 2% in the South West.
‘The figures show a steady fall in sales rate in both Greater London and the South East since 2016, whereas other regions have shown steady growth, indicating which areas have been hardest hit by the political and economic uncertainty of the last two years,’ said Danny Luke, Quick Move Now’s managing director.
‘The sales rate for any area is a valuable independent indicator of the state of the property market. London and the South East had appeared somewhat unshakeable in terms of property prices and demand in recent years,’ he explained.
‘However, it seems as the Brexit deadline looms ever closer, both areas are now feeling the effects, with would-be home owners largely taking a wait and see approach before committing to a property purchase. This means properties are sitting on the market, unsold, for longer,’ he added.
