The Strategist

UK real estate prices close to record after Brexit

02/19/2020 - 08:31

Prices for British real estate have almost reached a record since the beginning of February. The demand has been growing after the situation with Brexit has been clarified.

Images Money via flickr
Images Money via flickr
This month, prices for real estate for sale in the UK approached a record high, Bloomberg writes. This was facilitated by increased market confidence after the country's exit from the European Union, the real estate company Rightmove told the agency.

In the first half of February, the prices rose by 0.8%, Rightmove said. The average cost is now £ 309,399 (about $ 400,000). In London, after the country's future became clearer, prices rose 2.7%.

Rightmove notes increased demand as the number of visits to the agency’s website jumped to a record high, Bloomberg writes. “There has been a boom in customer activity,” said Rightmove Director Miles Shipside. “After three and a half years of uncertainty, turmoil and delays due to Brexit, many now seem to believe that the need for real estate that was previously restrained must be met in 2020.”

The British real estate market is supported by low interest rates, record employment and house shortages, but Brexit's uncertainty also continues to affect it, Bloomberg emphasizes. Great Britain withdrew from the European Union on February 1, concluding a temporary deal with it. Now Prime Minister Boris Johnson is expected to close a long-term deal by the end of the year. This will be a difficult task, the agency writes with reference to experts.