The Land Registry House Price Index for June 2017, the anniversary of the referendum, have been released.
And they show not only a five per cent annual increase in house prices but also a monthly decline in the reversal of growth.
Speaking about the latest figures, Russell Quirk, Founder and CEO of eMoov.co.uk said: “It may seem a long time ago now, but many believe the market is still shaking off a degree of Brexit uncertainty, a stance that has been bolstered by the less than convincing political landscape that followed.
“Ironically it has been those that prophesied the rapture of the UK market that have actually been the most detrimental to it.
“Those closest to the action such as George Osborne and his outlandish claims of an inevitable 18 per cent crash in house prices have seen an air of uncertainty slow the market, albeit a tiny blip on an otherwise impeccable current medical record for UK property.”
Discussing the impact of Brexit one year on from the vote, Russell said: “A year on and in contrast to gloomy predictions, an anticipative Schadenfreude even, we see that, in fact, house prices are nearly five per cent higher annually, with the monthly decline in growth reversing and the market remaining one of the most robust in the world.
“The attempt by Osborne, Hammond and many others to talk the puff out of the UK economy and its related housing market, were grossly exaggerated and in fact completely wrong.”
The Land Registry House Price Index has revealed the average house price in the UK is £223,257.
Month on month, property prices have risen by 0.8 per cent compared to May, and 4.9 per cent compared to last year.
The data is compiled using residential housing transactions, whether for cash or with a mortgage.
The Post Office reacted to the figures and said they show first-time buyers are getting savvy about what and where they purchase property.
Owen Woodley, Managing Director, Post Office Money said: “A slower rate of house price growth will no doubt be welcomed by first-time buyers, many of whom are getting stuck saving for a deposit which is always out of reach.
“House prices remain high and Post Office Money research shows that first-time buyers are taking a flexible approach, widening their net and willing to travel to more affordable hotspots, to make their housing aspirations a reality.
“Solving the UK’s housing crisis will also require the industry to take a leaf out of a first-time buyer’s book, taking a more flexible and innovative approach in the services and products we provide to first-time buyers and home movers.”
The good news continues on from positive figures last month which showed the average price of a property in the UK was £220,713 in May 2017 – an annual price change of 4.7 per cent.
While the annual growth rate has slowed since mid-2016 it has remained broadly around 5 per cent during 2017.
Daily Express :: Life and Style Feed
