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.

Related posts

Leave a Comment