Blog: The European Union Has Outpaced the U.K. in Home Price Growth Since Brexit Vote – Barron’s

Hungary, Slovakia, and the Czech Republic have all seen price increases exceeding 90%.


PHOTO BY JAMIE ON UNSPLASH

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In the six years since British voters opted to leave the European Union in June 2016, home prices have skyrocketed across both the U.K. and Europe. 

However, uncertainty surrounding Brexit put a years-long damper on prices across the U.K., which didn’t complete its departure from the EU until early 2020. As a result, European housing markets appear to have the edge over the U.K.’s, according to a report Wednesday by
Knight Frank.

All told, home prices in Knight Frank’s Global House Price Index in the 27 countries that make up the EU have increased by 39.3% since June 2016, with nearly half of that growth occurring in the past two years. In the U.K., home prices have increased by 30.8% since the Brexit vote.

More: Manhattan Luxury Sales Just Had Their Slowest Week Since December 2020

Central European countries have seen particularly strong price growth, with Hungary, Slovakia, and the Czech Republic all seeing price increases exceeding 90% in the past six years. The Netherlands and Luxembourg saw the next highest rates of price growth, at 76.3% and 70.1%, respectively. Lithuania, Portugal, Estonia, Latvia, and Germany all saw rates of growth higher than 50%.

Italy, Spain and Greece experienced some of Europe’s lowest price growth during the same period, and may see price drops as housing and financial markets continue to tighten, according to
Knight Frank.With
the U.S. and U.K. moving more swiftly than the European Union to raise interest rates and tame inflation and home price growth, buyers from both regions may soon look to EU properties as currency play in order to “take advantage of a weaker euro,” Knight Frank notes.

This article originally appeared on Mansion Global.

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