Brexit, what Brexit?

The UK housing market is shrugging off concerns in the wider economy following the Brexit vote, compounding problems for many first-time buyers still wrestling with the strongest year-on-year price rises in the market.

There are more expat buyers and sellers in the wider market compared with the period around the referendum a year ago, with the number of sales agreed up by 6% in June 2017 compared with June 2016.

Expat prospective buyers are seeing a lot of sold boards on properties they would like to buy with over 35% of estate agents property stock now being sold subject to contract.

So, a year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong and the future looks very positive indeed.

Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence. As a result, nearly half the properties on the market have sold signs on the boards.

The monthly survey, which is calculated on asking prices rather than completed transactions, comes at a time of year when the property market is typically quiet, as expat buyers and sellers take a break from the spring selling season and households concentrate more on holidays than house buying.

Data shows that the national average asking price for people buying their first home has dropped by 1.7% since last month to £196,000, but that figure is still 3.8% higher than a year ago, while the expat first-time buyer sector is the highest riser in the market during 2017.

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