Brexit sparks London 'housing boom'

Property Expert, Russell Quirk said: "We have seen property prices increase by 8 per cent"

Wednesday, February 5, 2020

Brexit has prompted a London housing boom according to property brokers who say buyer interest is at its highest rate for 15 years.

Estate agent Russell Quirk told talkRADIO's Mike Graham the post-Brexit bounce is the "absolute opposite" of predictions of a post-Brexit crash predicted by David Cameron's government.

"George Osborne said that despite actually leaving, even if the UK voted to leave the EU as in the 2016 referendum that the property market would crash and house prices would drop by 18 per cent," he said. 

"Actually, what we have seen in the last three and a half years is property prices, apart from London, increased by 8 per cent.

"All of the data from Zoopla, Rightmove and Her Majesty's Land Registry says that not only are the prices in the property market up across the UK but also rent, transactions, action enquiries are up by double figures. Confidence is restoring, positive sentiment and actually getting back to normality.

"There is an opening of the floodgates, demand has instantly manifested itself in the UK property market and it is a wonderful thing to see."

Property website Rightmove claims the site received over 152 million visits in January, a seven percent increase on last year.

"When you look at London and the millionaires amongst us that are buying stuff between two to five million pounds, even the HM Treasury Stamp Duty is up by two or three per cent respectively," said Mr Quirk.

He added confidence in the housing market is likely to spread to the econonomy.

"We are also seeing the highest level of first time buyers in the UK property market than we have seen for 12 years and we may see interest rate cut which means that mortgages will be cheaper than they've ever been.

"There are so many lenders fighting for your mortgage application that there is almost a mortgage war going on."

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