Exchange rates vs the dollar, exchange rates vs the pound, housebuilder’s share prices, not to mention the FTSE 250 index have all been shaken since Tameside had its say in the Brexit referendum.
It has certainly been a turbulent ride since the UK voted to leave the European Union (EU) almost 30 months ago. With the outcome still very unclear and as the political backdrop hots up, I’ve been taking a look at our key Brexit market indicators to see what has changed since 23rd June 2016.
With house prices rising by 9% since the Referendum, a UK buyer needs almost £20,000 more to buy an averaged priced home now than they did in June 2016. However, the value of sterling against both the euro and US$ remains weaker than in June 2016. As such, US and European buyers will find properties in the UK 6% cheaper than they did before the vote.
This is of course great news for investors from across the Channel and the Atlantic, which I’ve also had recent discussion with to some of my property investors from over in Singapore.
Furthermore, housebuilders’ shareholders have seen mixed fortunes. While regaining losses felt in the immediate aftermath of the vote, as the deadline for withdrawal approaches, share prices have taken another hit.
Of all our key indicators, only the FTSE 250 is stronger now than it was before the Referendum, although it has lost the majority of its gains since its high of June 2018.
With the all important vote from the MP’s next week on Theresa May’s Brexit deal, the clarity regarding the future of Tameside’s property market remains to be seen.