House price growth jumped ahead of EU referendum

House price growth slowing

Property up 5.1 per cent in June compared to same period in 2015, but post-Brexit uncertainty remains. House price growth accelerated in June, even despite the fear – and then reality – of a Brexit victory at the EU referendum last week.

Average UK property valuations rose 0.2 per cent month-on-month, the same rate of growth as May, says Nationwide’s house price index. However, they jumped 5.1 per cent year-on-year, up from 4.7 per cent last month, to £204,238.

Nationwide’s chief economist, Robert Gardner, said it was too soon to draw conclusions on how the market is reacting to the referendum result, notes The Guardian.

He added it would be equally difficult to assess “how much of the likely fall-back in transactions” is due to the distorting effects of this year’s stamp duty hike, which caused a rush of buy-to-let purchases to be brought forward to pre-April.

Elsewhere, figures from the National Association of Estate Agents showed a slowdown in buyer demand in the lead up to the EU referendum in May. The number of registered house hunters per estate agency branch hit a three-year low, reports FTAdviser.

The author: Michel THEYS

Michel Theys, a Belgian native, began his career as a civil servant, serving the public for several decades. After retirement, he shifted gears to follow his passion for journalism. With a background in public administration, Theys brought a unique perspective to his reporting. His insightful articles, covering a wide array of topics, swiftly gained recognition. Today, Michel Theys is a respected journalist known for his balanced and thoughtful reporting in the Belgian media landscape.

Related posts

Leave a Comment