Nick Millican: How London House Prices Were Affected By Brexit
As real estate expert Nick Millican recalls, in May 2016 of May, George Osborne, the Chancellor at the time. He says how he had warned that if Britain voted to leave the European Union, that the decision would see house prices in the UK would be at risk of falling by 18% in the span of two years.
Since then, the UK has seen drastic government changes as well as dealt with a global pandemic. Savills, as Nick Millican recalls, one of the world’s leading property agents, argues that the house prices of today are barely any different than they were back in late 2015.
Meanwhile, research provided by Yopa showed that prices rose by 10.3% between June 2016 and September 2023 and these numbers mainly concern the capital. In boroughs like Redbridge, Barking and Dagenham, Havering, Waltham Forest. And, Nick Millican adds, Bexley, there has been a significant rise in pricing after the Brexit vote with Redbridge counting at the highest of them.
This, with their average house price going from 388,322 pounds to 504,869 pounds. Verona Frankish, Yopa CE, commented that the impact of the 2016 poll was easy to miss. Overall, Nick Millican sustains, under all of the other drastic changes affecting the people and the economy.
She adds that elite homebuyers have seen a decline or have remained static and suggests it may be due to reduced interest from wealthy foreign buyers. Another spectrum, Tom Bill suggests that the UK’s departure from the EU was a red herring when looking at property prices in the capital, Nick Millican finally adds. Suggesting that despite the political turmoil, other factors helped reduce the price gap.