Areas with the highest proportion of Remain votes have seen bigger property price increases in the last five years than those that voted for Brexit, new research shows.
According to HouseSimple.com, property prices in areas with the highest Brexit vote have increased just 9% (£33,128) since 2011, compared to 18% (£61,785) in areas with the highest percentage Remain vote.
The research took a sample of 80 local authorities and how they voted in the recent EU referendum. HouseSimple then looked at the 20 areas with the highest percentage of Leave votes and 20 with the highest Remain votes and compared how property prices have fared in those areas over the past five years.
Across the entire sample of 80 councils, average house prices have risen 19% in Remain areas versus 15% for Leave. The areas with the highest Brexit vote – Burnley and Hartlepool – have seen the biggest decrease in property values in the UK since 2011, with prices down 8% (£2,792) and 5% (£9,805) respectively.
Cambridge, which voted to Remain by 73.9%, was second only to Edinburgh (74.4%) and experienced the highest property price rise of 43% or £180,687.
Alex Gosling, CEO of online estate agents HouseSimple.com, said: “The Brexit vote certainly came as a surprise to many of us. What the longer-term impact of the out vote will be only time will tell, but we haven’t seen prices plummeting as the doom-mongers were predicting.
“What we do know is that areas with a strong Brexit vote are the areas that have seen less growth in property prices over the past five years. Of course it’s not cause and effect but it’s sure to have had some influence on voters’ decisions last week. And as we saw in the voting, the country is also divided when it comes to property growth. Many areas of the country, particularly in the North, haven’t enjoyed the boom times since 2011 experienced in London, which voted strongly to remain in the EU.”
Local authorities with the highest Brexit vote and how property prices have performed in the past five years
|Local authority||% of Brexit vote||Property price – current (£)||% change in property price 2011-2016|
|King’s Lynn and West Norfolk||66.40%||£189,566||18%|
Local authorities with the highest Remain vote and how property prices have performed in the last five years
|Local authority||% of Remain vote||Property price – current (£)||% change in property price 2011-2016|
|Brighton and Hove||68.62%||£335,192||25%|