eMoov.co.uk pleased with South West house price increase in run up to Brexit

It’s been well documented that in the run up to the Referendum in June, the country experienced somewhat of a ‘boom’. The pound was strong, the FTSE was up and the whole country seemed to be basking in pre-vote bliss. And eMoov.co.uk, the award-winning estate agents, has highlighted just what effect that had in the South West region.

The region saw house prices increase by an incredible 1.0 percent in June when compared to May. Not only does this signal a higher than average rise compared to the rest of the UK, but it also means that the average property price in the region is now £234,987.

Russell Quirk, Founder and CEO of eMoov, said, “The South West is one of the country’s most vibrant regions. Full of great cities ideal for people of all ages, it boasts excellent transport links, making it accessible from almost anywhere in the UK. With that in mind, there’s no wonder that property prices increased.”

As well as the South West experiencing a price swell, the whole of the UK saw prices increase dramatically. The annual rate of UK house price inflation accelerated to an incredible 8.7% during the month of June – which beat May’s still impressive 8.5%.

Yet despite the surge pre-vote, the news has been much more downbeat since the ‘Leave’ vote was announced. Reports coming in left, right and centre have highlighted stumbling house prices and a decline in demand. Add this to the Bank of England’s announcement that it was dropping the interest base rate to an all-time low of 0.25%, which will make it harder for people to save deposits, and the property market isn’t looking quite so buoyant for the immediate future.

“There’s been reports upon reports since the Referendum,” added Russell. “Yet these numbers for June are much higher than anyone anticipated. We are expecting smaller numbers for the coming months, but the fact that prices grew significantly higher than anyone expected for June stands the property market in good stead.”

To find out more about eMoov, visit the website: www.emoov.co.uk

To find out more about eMoov, visit the website: www.emoov.co.uk

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