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Graham Awards


Pre-referendum price falls bucked by first time buyers, say agents

Data from Your Move and Reeds Rains - for May, so well before the EU referendum result - suggests average prices slumped 0.4 per cent in just the one month.

But the agencies say first time buyers paid record sums to get on to the housing ladder in May, despite what was then the uncertainty of the upcoming vote.

May saw first-time buyers pay an average of £173,282, which is up 2.7 per cent from £168,656 in April and 15.8 per cent more than the average of £149,645 seen in May 2015. 

Completed first-time buyer sales totalled 24,900 in May, just 0.8 per cent lower than the 25,100 seen in April

“The Brexit result won’t change the fact that huge numbers of aspiring first-timers want to buy a first home, and lots won’t want to wait out the two years until the renegotiations over the EU have been completed” says Adrian Gill, director of Your Move and Reeds Rains.

“In the short-term, wider market wobbles may benefit first-timers, giving them the leverage to negotiate harder and get a good deal on purchase price. Canny first-timers will use any Brexit lull as a chance to snap up a good deal and get on the housing ladder” he claims.

  • Brit Sixteen Sixty Four

    Its the post brexit price falls that we should be interested in. Chains are collapsing with people pulling out. I don't see this stopping till the new government is formed and post brexit plans are finalised. Too many big businesses are looking at plans to reorganise, there will be pain.

    Terence Dicks

    I must say that we are not experiencing the same in our area of Birmingham.

  • Terence Dicks

    Normal wrong data from Reeds Rains and Your Move. There is no average price.

  • icon

    ''Chains are collapsing'' - how many? where? and what is the real reason?

    a couple, of ''chains collapsing'' our of tens of thousands of sales a month is not really scientific. I would like to see a full months date and PROVEN reasons for any collapse, that has been traced through to the real reason - not just what some happened to use as an excuse.

  • icon

    Struggling to know of many transactions that have been stopped by the Brexit vote. I work in Outer London and although prices softened leading up to the referendum I nor contemporaries I have spoken to have had a single withdrawal as a direct result of the vote.
    The market will probably be fairly flat whilst negotiations are ongoing, so transaction will probably fall slightly as well as prices staying flat (something for those agents still over -pricing to think about (but doubt they will). As with any falling away of the market the cream will prosper!)


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