I prefer to deal in data and facts, and last week we saw a significant update from one of the country’s highest-profile estate agencies when Foxtons said the value of its property sales in London has shown recovery from Brexit.
Foxtons explained how after the historic vote to ‘leave’, interest in London property has eased back.
This was then worsened by the uncertainty over what Brexit meant. And it was then exacerbated by the ‘race for space’ during the pandemic.
But in their new statement Foxtons, referring to its own business during the first quarter of this year, said sales agreed in the quarter were 31 per cent higher by volume compared to Q1 2023.
The property market eased back after Brexit
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At the end of March 2024, the value of the under-offer pipeline was 34 per cent higher than in 2023 and 12 per cent higher than in 2022 – the highest value since 2016.
Since that vote, the UK and much of the world have had a rollercoaster ride—war, lockdowns, political chaos, inflation, interest rate rises… you name it, it’s happened.
And yet the UK property market keeps on keeping on. Yes, it flinched at Brexit but it returned to pre-vote activity levels. It certainly didn’t plunge like then-Chancellor George Osborne said when he warned that UK house prices could fall by 18 per cent in two years if Britain voted to leave the EU.
Even a worldwide pandemic couldn’t finish it off – the property sector was one of the few to remain open when all else closed – estate agents who open doors for a living became quite literally, key workers.
We’re currently going through a bit of a downward phase but I never fail to be amazed by the resilience of the market, how the constant knocks and predictions by pessimists just don’t seem to dent it in any serious way.
This country and the world have changed enormously since that day in June when the country split almost down the middle and made its choice.
Many who voted to leave would have been hoping to see a reduction in immigration.
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Jonathan Rolande is a property expert
JONATHAN ROLANDE
This has not happened, in fact, quite the opposite – there are now 30 more people per square-km than there were back then and all of them are vying for a limited amount of property.
This is a big reason why the property market has continued to climb. But despite the doomsday warnings, I’m of the view that Covid, domestic political turmoil, the mini-Budget, stamp duty and tight affordability all played a more significant role in shaping the housing market in recent years than our membership of the EU.
Jonathan Rolande is a property expert from the National Association of Property Buyers and Home Sale Hub
