Since Brexit, the number of residential property sales completed in England and Wales has reached 901,129 – a decline of 22% compared to the total number of sales completed over the same period leading up to the Brexit vote, with a drop of 18% in the average monthly number of completions across both periods.
New research by eMoov.co.uk, has shown the average price of the total number of properties sold has increased in the 15 months since Brexit, up 7% from £213,444 to £228,968.
- In the 15 months leading up to the Brexit vote, there was an average of 77,260 property transactions a month across England and Wales with an average sold price of £213,444.
- Between Britain voting to leave the EU and the triggering of Article 50, this dropped to 63,159 transactions a month on average – a drop of 18%.
- During the same period, the average sold price for a property completing increased by 6% to £226,408, despite slower market conditions.
- Britain triggering Article 50 restored a brief air of stability to the property market in England and Wales, with the average monthly volume of residential property sales completed increasing by 6% in April and May of 2017, to 66,939 a month on average, with the average sold prices also increasing by 2%.
- The call of a snap election and the disastrous outcome for the Conservatives once again caused the market to stall, with the average monthly volume of residential property sales having since plummeted 26% to just 49,706. Despite this, the average price of properties sold at this time again increased by 2%.