Surrey house prices are in the news as they defy post-Brexit expectations and continue to rise, with a surprising increase in cash buyers.
Recent Land Registry data has highlighted that property prices are on the rise in Surrey over the last year. Get Surrey reports that the largest rise of more than a third has been recorded in the borough of Reigate and Banstead, and the Oxshott/Leatherhead area has been identified as having the highest average price locally.
Added to this, Get Surrey reports that 2016 more than a quarter of homes in the county were cash purchases; bought without mortgage finance.
This will all be welcome news for our clients who live in Surrey or who own property in the county. Their investments are clearly prospering and perhaps this news may even encourage our London-based clients to consider a move to the area, especially as there are no indicators to suggest that Surrey house prices are set to decline.
It is interesting to note that such a high proportion of purchases in 2016 were cash purchases given that mortgage interest rates have been so low over the last year. Purchasers are clearly satisfied to invest their cash in bricks and mortar, which strongly suggests that the area will continue to strive, with values continuing to rise.
These statistics indicate that both private purchasers and investors still have confidence in the Surrey property market despite the various events and upheavals that have recently taken place, such as the Brexit vote and the earlier Stamp Duty Land Tax changes; something that most commentators would not have predicted.
Surrey remains a sought-after location to live, and it seems probable that the area will continue to prosper over the coming year.