Brexit benefit for 'Leave' areas while 'Remain' locations slump, claims agent

An estate agency is claiming that the psychology of buying and selling has come to the fore following the EU referendum, with areas that voted Leave booming while those with a majority to Remain have seen a slump. 

The claim comes after an analysis of registrations, listings and sales data across 20 of Haart's 100-plus branches.

“We have a property market heavily driven by sentiment, and it's the confident Leavers who are currently keeping the market afloat” says Paul Smith, the agency’s chief executive.

“The doom and gloom of the campaign has obviously had a lasting impact on how Remain voters feel about the economy and the property market, while Leave voters are much more relaxed. The areas that had the strongest Leave vote are even seeing a small surge in activity” he claims.

Overall, Remain branches saw a six per cent fall in the number of listed properties, while Leave branches saw a one per cent increase in the number of listings. 

Six out of 10 Leave branches reported an increase in listings, while in Remain areas the opposite was true, with six out of 10 reporting a fall in the number of listings. 

The number of registrations with Haart branches fell in both Leave and Remain areas, down 30 per cent on average in Remain areas but only down 23 per cent in Leave areas.

The number of sales which fell through in Leave branches was two per cent lower than the proportion before the EU referendum. However in Remain branches, the number of sales which fell through jumped by over 50 per cent on average during the weeks after the vote.  

Doncaster, an area which voted 69 per cent for Leave, saw a 25 per cent rise in the number of listings in the weeks since the referendum result. Meanwhile in nearby Barnsley, which voted 68 per cent to Leave, the number of sales falling through dropped by 39 per cent after the Brexit result was revealed.

Wisbech in Cambridgeshire voted 71 per cent for Leave and saw a 9.6 per cent jump in the number of applicants signing up to branches in the weeks since the vote. 

In nearby Great Shelford, South Cambridgeshire, an area which voted Remain by 60 per cent, there was a 42 per cent drop in the number of registrations.

Bristol, an area which voted 62 per cent for Remain, saw a decline in activity across all three Haart branches in the city - one saw a drop in registrations of 54 per cent following the referendum. Registrations in Bristol as a whole were down by 34%. Across the city there was a 42% increase in the number of abandoned sales. 

In pro-Europe Battersea in south London, which voted 75 per cent for Remain, there was a 38.2 per cent drop in the number of applicants signing up to the local branch. 

There was a similar story in East London’s Leytonstone branch – an area which voted 59 per cent for Remain – where the number of properties listed fell by 20 per cent after the referendum. However in Dagenham, further into the capital’s east and an area which voted 62 per cent for Leave, there was a 1.2 per cent increase in the number of properties listed. 

“If the government can continue to provide a strong vision for the UK’s post-Brexit future and a clear timetable for an EU exit, greater stability and confidence will follow, which might reassure Remainers. However if they can't be convinced we could see the market and wider economy flat-lining for some time” warns Smith.