UK House Prices Indicate Slight Increase Month on Month following June Referendum
UK house prices have been under the forecast microscope since the historic Brexit vote. Experts have been predicting both a rise and fall in value since June in anticipation of what the next few months will hold. According to the latest figures from the Office for National Statistics, house price growth has slowed during the month of July to a level just more than 8%. This is lower than the June rate of almost 10%. However, month on month, house prices increased 0.4%.
House prices within the capital city increased during the month of July by more than 12%. This was only second to the east of England, which posted an increase of more than 13%.
The average house price across the UK is now almost £217,000.
Chief economist of Pantheon Macroeconomics Samuel Tombs commented on how the impact of the Brexit will not fully be known for months, saying: "The fall in the average value of mortgage approvals over recent months and the 1.3pc fall in the Halifax measure of prices - which is based on the lenders’ mortgage offers - between June and August suggest that transaction prices will begin to fall soon."
Other experts believe the figures are simply reflecting the typical figures which take place at this time of year. Some others see this moment in time data as just that and more data is needed to see the full impact of the Brexit vote in months to come.
The remortgage sector continues to hold its own. House owners are still realising major savings off the cost of their mortgage payments.