East Devon house price growth bucks the national and regional trend

PUBLISHED: 16:00 20 April 2019

Model houses on a pile of coins and bank notes. Picture: PA Wire/PA Images

Model houses on a pile of coins and bank notes. Picture: PA Wire/PA Images

PA Wire/PA Images

Land Registry statistics say house prices in East Devon increased by 18.4 per cent in the two-and-a-half-years since the Brexit referendum

The growth of house prices since the Brexit referendum has bucked the national and regional trend, statistics show.

In the two-and-a-half years before the UK voted to leave the EU, the average house price went up by 9.1 per cent from £251,778 to £303,162, Land Registry figures show.

In the same time period after the vote, prices went up by 18.4 per cent.

This is in contrast the regional and national picture.

House prices in the South West increased by 17.7 per cent in the two-and-a-half years before the referendum but only grew by 7.7 per cent in the same period after the vote.

This downward trend is matched nationally, where property prices prior to the referendum grew by 19.6 per cent and in the 30 months after, growth fell to 6.1 per cent.

The Royal Institution of Chartered Surveyors (RICS) says that Brexit uncertainty, a drop in foreign investment and stretched affordability have all played their part in stunting growth.

You may also want to watch:

The number of properties sold in East Devon in 2018 showed a slowdown in the regional market.

The data, available to the end of November, shows that 2,557 properties were sold over the 11 months.

It was a 13.1 per cent drop on the number of sales in the same period in 2017 – across the UK, sales dropped by 5.5 per cent.

Simon Rubinson, RICS's chief economist, said a combination of factors meant that all regions of the UK were being affected.

He said: “There are affordability issues in parts of the country, particularly in London and the South East.

“Taxation is also a big issue – if you look at what has happened in terms of the buy-to-let market, the returns are now relatively limited.

“But when we asked our members for our last survey, despite attempting to get them away from Brexit, they said Brexit uncertainty was the main factor.”

Mr Rubinson warned that a deal for Britain's departure from the EU was unlikely to be the end of uncertainty for the housing market, or lead to a sudden rise in prices.

But, he added, for many younger buyers looking to get on the property ladder, this may not be such a bad thing.

More Property News

Tue, 12:37

An Exmouth shop could be converted into a tattoo parlour if planning approval is granted.

Read more
Exmouth
Saturday, July 13, 2019

An Exmouth lettings consultant has promised to help raise the standards of rented homes, in his new capacity as president of the main professional body for landlords.

Read more
Exmouth
Thursday, July 11, 2019

An iconic former World War Two observation post could collapse after years of neglect if proposals to restore it are not approved.

Read more
Budleigh
Wednesday, July 10, 2019

Land previously home to family-run seafront attractions in Exmouth will become an overflow car park - but only for the next 14 months.

Read more
Exmouth
Sunday, July 7, 2019

More than half a dozen supported living accommodations will be built in Exmouth.

Read more
Tuesday, July 2, 2019

Plans to build on for an overflow car park on the former home of family-run seaside attractions in Exmouth are being recommended for approval.

Read more
Exmouth
Monday, July 1, 2019

A new gas-powered electricity plant could be built in Exmouth, if a new planning application is approved.

Read more
Exmouth
Saturday, June 29, 2019

A planning application to create 10 new flats in Exmouth has been criticised by the town council.

Read more
Exmouth
Tuesday, June 25, 2019

Amended plans for an outdoor bar on Exmouth seafront have been opposed by the town council for a second time.

Read more
Exmouth
Monday, June 24, 2019

Budleigh Salterton shoppers will be able to draw cash out in the town centre again if an application by a supermarket giant is green lit.

Read more
Budleigh

Local Weather

Heavy Showers

Heavy Showers

max temp: 21°C

min temp: 14°C

Useful Links

Advertise in the Paper
Submit a Story
Subscriptions Order
Competitions
Photo Orders
Family notices
iwitness24
Google Plus
Facebook
Twitter
Family Notices 24

Search for a job in Exmouth



Comments have been disabled on this article.

Most Read

Latest from the Exmouth Journal

Hot Jobs

Show Job Lists