29 Jun

House prices rise despite Brexit

House prices rise despite Brexit

UK house prices have risen by 1.1 per cent over the past month despite concerns surrounding the impact of Brexit.

Figures from lender Nationwide show the ongoing Brexit discussions have not impacted negatively on the market.

Instead, prices are now 3.1 per cent higher than at the same point in 2016 - meaning the average home in the UK costs £211,301.

Nationwide’s index also showed that the house price growth between the strongest and weakest performing regions in the second quarter of 2017 was the smallest recorded. Growth in the South of England has slowed down, while the strongest performing region of East Anglia also reduced pace.

Many estate agents have also reported a decline in the number of properties coming to the market, meaning there is more competition for homes available.

Robert Gardner, Nationwide’s chief economist, explained: “At this point it is unclear whether the increase in house price growth in June reflects strengthening demand conditions on the back of healthy gains in employment and continued low mortgage rates, or whether the lack of homes on the market is the more important factor.”ADNFCR-1222-ID-801837409-ADNFCR

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