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House prices up 1.3% last month 'but far too early to see referendum impact'

Average house prices in June rose 1.3 per cent but as the shock Brexit result was not known until late in the month the impact of the referendum cannot yet be seen.


That is the view of Martin Ellis, the housing economist at the Halifax and author of its latest house price index.



That index says prices in the three months to June were 8.4 per cent higher than in the same period of 2015. It also says the average price of a home in Britain is now £216,823. 


“There is evidence that the underlying pace of house growth may be easing. House prices in the three months to June were 1.2 per cent higher than in the previous quarter; down from 1.5 per cent in May. The annual rate of growth fell from 9.2 per cent in May to 8.4 per cent; the lowest since July 2015” explains Ellis.

"House prices continue to increase, albeit at a slower rate, but this precedes the EU referendum result, therefore it is far too early to determine any impact since” he says.

Jeremy Leaf, a former RICS residential chairman and north London estate agent, says despite the three-month slowdown the figures show “surprising resilience in the period immediately following the increase in stamp duty, leading up to the referendum” and insists a shortage of stock and modest transaction levels will continue to underpin prices. 

Mark Harris, chief executive of mortgage broker SPF Private Clients, says lenders have been “slashing already-cheap mortgage rates further still” in a bid to encourage borrowers. 

  • Terence Dicks

    I do not understand why these so-called "experts" are surprised the housing market did not crash after the Brexit vote. Our £ is still worth the same to us now as it was before Brexit was even on the horizon (unless you go abroad of course). There is still an under-supply of housing stock, and the developers aren't developing as usual. We are seeing more FTB's entering the arena (thank goodness), and they are in this for the long haul. I do not doubt the market will harden, but the good agents will come through okay, as will the housing market. All we need to do is our job. Simples.

  • icon

    I never take any notice whatsoever of the so-called 'Halifax' or 'Nationwide' - HOUSE PRICE reports. they are not only quite useless in my opinion, but they receive a totally inverse amount of publicity in relation to their accuracy of what ''National House Prices'' actually are.

    what these are is ONLY mortgage offers made by these companies, they are not at all ''UK Average House Prices'' , but ''mortgage offers made'' - two very different things, their tiny proportion of houses sold they both include, for me, render these reports a waste of their time.

    I doubt either of these companies take account of any more than 20% of the total number of properties sold - anyone that ignores 80% of the market, for me anyway, i will ignore.


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