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South East: Hybrid estate agents happy with region's property price increase

By Dan Teuton
12 August 2016

The ripple effect of the Brexit vote has been felt in almost every sector, with the property market at the forefront of that. Although many reports have suggested house prices have plummeted, online estate agents is highlighting the strength of the South East’'s property market compared with last year.

Despite many property experts focusing on tumbling prices, or at least a stale market, house prices in the South East appear to be holding steady, said The average house in the South East now checks in at £306,037, up more than £22,500 when compared to August 2015’s average of £283,369.

Russell Quirk, founder and CEO of eMoov, said: "“There have been contrasting reports in the run up to, and after, the Referendum regarding the state of the property market. Some experts have been warning of a price dive, whereas others have been noting a fast-moving and prosperous market. It’s extremely difficult to know what the effects will be this soon after the vote, however, as property prices in the South East appear to be going from strength to strength, this is a good sign for the country as a whole.”"

"Houses in the region range greatly in price. Small flats can command much less than the average asking price, whereas large houses in the more upmarket areas have asking prices greatly exceeding the region’'s average. So with the inflated price of the South East’'s property making it difficult for buyers –– and particularly first-time buyers –– to get onto the property ladder, no apparent fall in property prices isn’'t necessarily good news for all.

"The price stability has shown just how resilient the UK property market is. And if house prices haven’t fallen yet, the chances are they may not. With that in mind, it’s advisable for those thinking of buying to do so now, rather than waiting until later when prices may be even higher.”"

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