The market for first-time buyers is nonetheless relatively healthy– this could be an advantage for London buyers with an eye out for lower prices. Of course, Brexit is not the only factor at work here: lack of affordability, sharp increases in stamp duty and land tax, the possibility of a fresh general election, as well as Brexit-related job uncertainty all play a part.

London lettings are also affected, steered by similar factors.

While landlords may have wanted to offset the government’s tax regime by raising rents, uncertainty surrounding Brexit seems to have forced the vast majority to forfeit this to maintain a steady income. However, like the sales market, the limited supply has insulated the lettings market from more severe changes. This lack of supply has meant that, despite the political climate, rents are actually still increasing. 

On the other hand, millennials are leaving London behind. Millennials relocating outside of London have fuelled rental growth in Manchester, Leeds, and Birmingham, with house prices in Birmingham rising twice as fast as the national average. Nevertheless, buoyed by healthy economic growth and the continued scarcity of new homes in the capital, the market is unlikely to depress much further. Indeed, spurred by younger buyers and renters, the market outside of London is already showing strength.

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