Latest data from the UK housing market indicates the historic Brexit vote has not toppled the apple cart. Surprising to many, the market posted an increase in house prices within the month of August. Consumer confidence has also surged which points to short term optimism and hope.

According to Nationwide, house prices increased by more than 0.5% during the month. This was followed by a forecast by experts which expected a drop of between 1% and 2%. Thus, house prices so far this year have increased almost 6%.

Consumer confidence, which measures belief in the possibility that positive steps in the economy will continue, increased during the month from a level of -12 to -7. A decrease in unemployment along with strong retail sales has also taken place during the month.

Remortgage activity is also picking up as house owners are still able to find fantastic deals from many lenders who have recently dropped interest rates after the base rate was cut from 0.5% to another low of 0.25%.

Robert Gardner, the Nationwide chief economist, commented on the latest data to emerge, saying: “The pick-up in price growth is somewhat at odds with signs that housing market activity has slowed in recent months.

“However, the decline in demand appears to have been matched by weakness on the supply side of the market. Surveyors report that instructions to sell have also declined and the stock of properties on the market remains close to 30-year lows.”

Gardner added: “This helps to explain why the pace of house price growth has remained broadly stable.”