The gap between the northern and the southern part of the UK in terms of house price growth is declining in the three years since the vote for Brexit in 2016, according to the consulting firm Savills.

House prices in southern England are rising in the three years before the vote, with the total cost of all homes rising by 1.04 trillion GBP (1.30 trillion USD). In the three years before the June 2016 referendum, however, the value of all homes in London, South East, East, and Southwest increased by 4.3% or 192 billion GBP. This is below 20% of the growth recorded in the previous three years.

According to Savills, the value of all homes in London fell by 40 billion GBP (or 50 billion USD) after 2016, while the cost of housing in the southeastern regions fell by 7 billion GBP (8.7 billion USD) or 0.5%.

While the growth in the rest of the UK is zero or elapsed in the years before the referendum, many of these areas are strongly delaying in terms of price growth. In the rest of the UK, the total cost of housing increased by 243 billion GBP (303 billion USD) after 2016, with prices in Wales and Scotland rising fastest.

Although the gap between the north and the south is narrowing, London and the southeastern regions continue to account for 43% of the total housing value in the UK, reaching 3.16 trillion GBP (3.94 trillion USD). There are located also 26% of all homes in the country. The Savills survey is based on data from the National Statistical Office, the property register and the registers in Scotland.

The political uncertainty surrounding Brexit has affected the housing market in the three years following the referendum, possibly triggering a long-term change in the market cycle.

In another report this week, Savills reported that luxury property prices in London have stopped to decline in the three months to June. This is the first quarter without a decline in luxury property prices since the third quarter of 2015. Since 2014, the total value of luxury homes in the central capital of the British capital has decreased by 20%.