Property prices rising fastest in Brexit voting regions

Analysis by the HomeOwners Alliance of Land Registry data suggests that the regions which backed Brexit most strongly have seen the biggest increase in house prices since the referendum.

The five regions that voted most strongly to leave the EU have all seen house price growth in excess of 3% since June.

By contrast, all the regions which voted to Remain have seen markedly more sluggish growth, with prices even falling in Scotland – the most pro-Remain region.

Paula Higgins, chief executive of the HomeOwners Alliance, said: “There is a clear pattern here – areas that voted more strongly to leave the EU have seen property prices grow faster over the past six months than areas that were pro-Remain. Of course, house prices are dictated by a myriad of economic, political and social factors, but confidence – the all-important ‘feel-good factor’ – is vital.

“It seems that people in regions that voted to leave are now more optimistic about their future prospects, and that this impacting on the housing market. Conversely, areas that have fared less well, such as Northern Ireland, Scotland and London, may be less certain of their economic futures.”

Top five Leave regions

Top three Remain regions

Data from the Office for National Statistics shows that on a monthly basis house prices rose 1.4% to £220,000 in December. This is £15,000 higher than in December 2015 and £3,000 higher than in November.

The local authority with the largest annual growth in the year to December was the Shetland Islands, where prices increased by 26.1% to £179,000.

The lowest annual growth was recorded in the City of Aberdeen, where prices fell by 9.8% to stand at £168,000.

The most expensive place to live in was Kensington and Chelsea, where the cost of an average house was £1.3 million. In contrast, the cheapest area to purchase a property was Burnley, where an average house cost £74,000.