Homeowner confidence continues to rise across the UK post-Brexit

Homeowner confidence continues to rise across the UK post-Brexit [Photo: Evgeny Gromov/iStock]

In the months after the British electorate voted to leave the European Union (EU), there has been a continued rise in confidence from the point at which sentiment fell in the immediate aftermath. According to new figures from Knight Frank and Markit, there has been a real climb in the number of people who are feeling positive about owning a home and future prospects in the market. 

In a study carried out by the two, it was discovered that 18.4 per cent of people believe that the value of their home has increased in the space of the last month. This was compared to just seven per cent who said their home had dropped in value during the same period. 

This was the third month in a row that there has been a rise in sentiment in this regard across the UK, which shows the continued climb from initial Brexit gloom in July, just after the referendum. This is an indicator that the property market is displaying its resilience and proving itself a fantastic place to buy and sell to those operating therein.

Gráinne Gilmore, head of UK residential research at Knight Frank, said October's figure reflects the general bounce back from despair that has been in evidence in the property market ever since the referendum. 

She also said that despite a small slip in future sentiment, there is still a trend towards the belief that house prices will climb markedly in the coming 12 months, with buyers and sellers alike gaining confidence all the time. 

"While households are still positive, they are expecting more modest growth in property prices over the next 12 months than they were in September," she added. 

Tim Moore, senior economist at HIS Markit, added to the positives, stating: "The key message from October’s survey data is that UK housing market sentiment has recovered strongly this autumn from the post-referendum jitters seen during the summer."