The Brexit delay is having THIS surprisingly positive effect on the property market

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  • The Government has now secured a Brexit extension until October 31st, and while this may not spell good news for everybody, new figures have revealed that it has been positive for one area at least – the UK’s housing market.

    Related: This is what’s currently happening to house prices in the UK – and it’s good news!

    Data from leading property website Rightmove has revealed that the price of new listings climbed by 1.1 per cent (+£3,447) between March and April to £305,449, the highest rise for this time of year since 2016 and seemingly coinciding with the passing of the original Brexit date of March 29th.

    brexit delay house price increase

    Image credit: Colin Poole

    Further figures also revealed that three-to-four bedroom homes (i.e. ‘family homes’) are also leading the way when it comes to the number of new sellers coming to the market, with properties falling into this group increasing by 0.7 per cent year-on-year, compared to a 1.2 per cent dip for new-to-the market-sellers nationally.

    brexit delay house price increase

    Image credit: Jeremy Phillips

    Commenting, Rightmove property expert Miles Shipside said: ‘Properties in this middle sector offer the ideal escape route to families looking for more bedrooms, more space and their choice of schools. They are often second-steppers out growing their first property and it gets harder to postpone a move with growing children.

    ‘They may already have delayed for a year or two waiting for Brexit clarity, and understandably their patience is wearing even thinner than it is for the rest of us. While some moves are awaiting the outcome of deal or no deal, many families are keeping on dealing in the housing market.’

    brexit delay house price increase

    Image credit: David Giles

    More encouraging data amid continuing Brexit uncertainty is the fact that there were also month-on-month (March to April) national average price increases for the following sectors: first-time buyers (up 0.7 per cent), second steppers (up 0.8 per cent) and top-of-the-ladder (up 1.3 per cent).

    Rightmove also asked agents’ to deliver their verdict on the above figures, and this is what Nick Leeming, Chairman of Jackson-Stops, had to say:

    ‘With Brexit delays becoming somewhat of a blur, buyers across the country are getting back to business as usual and are re-establishing the search for their dream home.’

    More property pointers: Property on the market? You could make £11K more if you sell your house on these dates

    Does the above give you greater confidence in the property present?

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