Property prices in the East Midlands have been found to be stronger than ever following the Brexit vote, with the region cited in the top three areas of the UK for market growth.
Research conducted by the Office of National Statistics (ONS) has revealed that in the 12 months following the EU referendum, property prices have risen by £10,000 nationally – with the East Midlands being ranked as the second most successful region for property price growth in June.
Tim Downing, director at Lincolnshire-based Pygott & Crone said: “We have seen a large increase in those coming into the region looking to relocate – 40 per cent of our sales over the last 18 months have been from commuters realising how much they can get for their money in our area. This has pushed up demand and property prices have reacted to this accordingly.
“Lincolnshire, in particular, really is the county of choice within the East Midlands; with the continued investment from large companies such as Siemens we’re seeing improved communications from the capital.”
In the month of June alone, the East Midlands saw a property price increase of 7.1 per cent – just 0.1 per cent behind the East of England which topped the UK charts for growth in the sector.
“The average house price in Lincolnshire is cited as £140,000 – which still presents a much more affordable option for those looking to get on the property ladder as well as for investors. This increase in property prices is set to continue and for those looking for strong yields – you can’t get better than the East Midlands,” continued Tim.
Jamie Aspland, branch manager at Pygott & Crone’s Sleaford branch added: “These results for the East Midlands have proved Brexit sceptics wrong – I’m sure a lot of people will be surprised by these findings. We’re riding on a bit of a wave in terms of strong yields – and have been for quite some time, with no sign of slowing.
“Lincolnshire has always been a place for those looking for a better quality of life – our popularity has only grown and demand is now far outweighing supply, pushing up property prices.
“The London market slowing has created a settlement in the market and we’re looking forward to seeing an increase in the number of those moving up to the regions – benefitting from what we have to offer.”