Did brexiteers get what they voted for? Evidence from the housing market

This research investigates the impacts of the withdrawal of the United Kingdom from the European Union (colloquially known as Brexit) on the subsequent evolution of home values in England and Wales. Using a synthetic control design, we find that–in the aftermath of withdrawal–British home values have fallen by an average of 15% relative to counterfactual levels. However, these impacts are also systematically heterogeneous–regions with higher shares of ‘Leave’voters have experienced even larger losses than our population-average measures. Not only has Brexit failed to deliver the economic gains promised by its staunchest advocates, but those who were hardest hit by the policy change were those who voted for it.