New research from netanagent.com, the estate agency comparison website, reveals that, in true British spirit, UK homeowners are remaining positive post-Brexit despite uncertain economic times. Findings show that almost half of homeowners (45%) think their property value will stay the same or increase following the UK’s decision to leave the European Union, with 20% unsure of any change in value and just over a third (34%) expecting to see a decrease.
Of those homeowners who had planned to sell property over the coming months, only 6% are considering putting their plans on hold and only 2% who already have property on the market are considering removing their listing following the referendum result.
Despite concerning predictions ahead of the vote from the then Chancellor of the Exchequer, George Osborne, who forecasted a 10-18% drop in the value of property if the UK voted to leave the EU, consumers appear to be holding their nerve.
Whilst Brexit does appear to be having an impact on overall purchasing decisions, with a fifth (19%) of consumers less likely to purchase a new car and 22% less likely to plan a round the world holiday, it does not seem to have had an overly negative influence on home improvement purchasing decisions, as only a small minority of UK homeowners are now less likely to buy a new kitchen (14%), new bathroom (14%) or to extend their house 17%).
Alex Thorpe, Managing Director at netanagent.com, comments: “Our research shows that, in the face of widespread concern about the UK economy, homeowners are cautiously optimistic about the future of the property market. Despite an understandable wariness, it seems Brexit isn’t dramatically changing people’s plans to put their property on the market following the vote, which is welcome news for estate agents and the economy as a whole.”
The netanagent.com research was independently conducted by Pollfish and surveyed 1,000 UK homeowners between 18 and 22 of July 2016.
Living next door to an opera house is certain to add value to your property, but so is living near a Waitrose.
New research has shown that living within a short distance of a Waitrose store can add close to £40k in value to your property*. Even an Aldi store can add just over £1k – a cynical person may suggest that Waitrose builds its stores in affluent areas and affluent areas have high house prices. But it’s a good headline nevertheless.
More interestingly though is the value of creativity and culture to the average house prices in an area. Our HQ is based in Folkestone, a seaside destination that had seen better days but is going through a period of regeneration, led by a creative mantra, thriving boutique stores and a bid to bring better times to one of England’s former seaside stars.
A few miles around the coast, Margate has spearheaded the cultural revival of seaside resorts, with the reimagining of Dreamland and the exceptionally successful Turner Contemporary. The town has welcomed large LGBT events and followed a path similar to Brighton in opening its doors to all and creating an inclusive cultural hub in an area that had struggled to recapture its past successes. Neighbouring Ramsgate is enjoying residual benefits from this growth, being close enough to offer transport links to the thriving area but far enough away to retain its charm.
Image – visitkent.co.uk
Further round the coast, Whitstable continues to thrive with a bustling high-street filled with boutiques and quality restaurants fueled by money from London.
Does this resurgence translate into increased property values? Once regeneration is well underway and the town is marketed correctly, yes. Margate’s property values have increased 12.56% between July 2015 and July 2016, whilst nearby Ramsgate has seen a 7.17% increase**.
Creativity and a cultural revival can add value to property, something which will hopefully follow in our hometown of Folkestone. You never know, a Waitrose may pop up and add extra value to the market…