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Property Prices Surge in Pro-Brexit Areas

After analysing data released by the Office for National Statistics and comparing changes in house prices with the referendum results, HomeOwners Alliance discovered an intriguing pattern.

It suggests that there is a ‘Brexit effect’ in place, with market values doing better in locations where the residents voted the strongest to leave the EU.

The five regions which demonstrated the strongest voter support for UK independence from the EU have all seen property prices increase by over 3% compared to June 2016, with the fastest growth taking place in the East of England at 4.25%.

Conversely, the only three regions that voted to stay in the EU have experienced slower growth during the same period.

There is an evident pattern: areas that voted more fervently to leave the EU have seen house prices increase faster over the last six months than areas that were in favour of remaining.

In Scotland, where voters were decidedly pro-remain, prices have gone down by 1.2% over the past six months, while London and Northern Ireland have also experienced slower growth.

Structural Defects Insurance

Paula Higgins, the HomeOwners Alliance Chief Executive, said that there was a clear pattern discernible. Areas that voted more strongly for Brexit have seen house prices increase at a faster rate than areas that were in favour of remaining in the EU.

Ms Higgins added that property prices are guided by several different political, social, and economic factors but confidence always plays a vital role.

It appears that people in regions that were in favour of leaving are now more positive and optimistic about their future prospects, and this was having a clear impact on the housing market. At the other end of the spectrum, areas that have not performed as well, such as London, Northern Ireland, and Scotland, are not as certain about their own futures.

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