Close Search

Property Prices Are Beginning to Fall in the South West


With Brexit only a matter of weeks away, it seems that it has affected the property market in the South of England. House prices have begun to fall for the first time since 2009, as this uncertainty is taking its toll on the property market.


The Office for National Statistics has said the average cost of a property also fell in the South East and South West of England. They also said this is the first time that property prices have fallen across all three regions of southern England since 2009 when the recession hit. Since the Brexit vote three years ago, the property market has slowed down, especially in locations such as London where prices fell 16-months in a row!


The average cost of a home across the whole country rose by 0.9% on the year, which has been the weakest growth since 2012. With the current market situation, the average house price in the United Kingdom was £230,000 in June, and this was £2,000 higher last year.


Whilst the London and the South of England are feeling defeated; property prices are continuing to climb in other parts of the country even though these are not anything drastic. We have seen the biggest rise in the East Midlands, which was up 3.2% when compared to last year. We have also seen prices rise in the East, including places such as Norwich, Cambridge and Ipswich.


With getting a foot onto the property ladder seeming impossible for many, the uncertainty of Brexit has definitely halted the property market in some way.


According to research carried out by Halifax, which is the UK’s largest mortgage lender, the average price of a property is 5.59 times average earnings. With homeownership rates falling, particularly for those under 35, the falling prices in the South of England this could be good news for first-time buyers!


Although many are finding it hard to step onto the property ladder due to property prices and income, renting has become a popular option for those looking to fly the nest. This can be a great option, especially with the uncertainty of Brexit, so can definitely be considered a great way to get your own space as well as save up for that much-needed deposit.


Additionally, if you are looking for a buy-to-let opportunity, then this may a great time to find a property you could potentially make income from. Whilst property prices falling across the south, this could be a great business opportunity, especially as many will look to rent until we know what will happen with Brexit.


With under 35’s struggling to purchase their first home, renting can be a great alternative. Here at Godfrey Short & Squire, we are experienced letting agents in Okehampton. We have a great range of rental properties located throughout West Devon perfect for those looking to reside in this beautiful part of the UK. If you have any questions about our rental listings, then please do not hesitate to get in touch on 01837 54504.

View all Blog