Significant Market Update: Foxtons Reports Property Sales Recovery Post-Brexit

Foxtons, one of the country’s top estate agencies, has reported a significant recovery in the value of its property sales in London following the Brexit vote. The agency explained that interest in London property had initially decreased after the historic vote to leave the EU, worsened by uncertainty over Brexit and the “race for space” during the pandemic.

However, in a new statement, Foxtons revealed that sales agreed in the first quarter of 2024 were 31% higher by volume compared to the same period in 2023. At the end of March 2024, the value of the under-offer pipeline was 34% higher than in 2023 and 12% higher than in 2022 – the highest value since 2016.

Despite facing challenges such as war, lockdowns, political chaos, inflation, and interest rate rises, the UK property market has shown remarkable resilience. Even the COVID-19 pandemic failed to derail the market, with estate agents deemed essential workers and the property sector remaining open during lockdowns.

Jonathan Rolande, a property expert from the National Association of Property Buyers and Home Sale Hub, suggests that factors such as the pandemic, domestic political turmoil, the mini-Budget, stamp duty, and affordability issues have played a more significant role in shaping the housing market in recent years than Brexit.

The property market’s ability to weather various storms and bounce back from Brexit demonstrates its enduring strength and resilience in the face of adversity. As the market continues to evolve, it remains a key indicator of the UK’s economic resilience and stability.