Yahoo Finance Brexit fails to stop UK house price annual growth rate rise
UK house prices rose at the fastest annual rate since early 2017 during the three months to the end of June, according to data from mortgage lender Halifax.
Property prices were 5.7% higher than in the same three months a year earlier and 2.4% higher than in the preceding three months (January to March). However, on a monthly basis, house prices fell by 0.3%
However, despite the surge in house prices over that period of three months, some warn that this doesn’t mean increases will consistently continue.
“One of the major restraining factors on the volume of transactions in the market continues to be the very low level of stock for sale,” said Russell Galley, managing director, Halifax.
“With the ongoing lack of clarity around Brexit, people will be looking for more certainty in the coming months, both to encourage them to list their property and to create the confidence needed to encourage buyers. “Of course, the likelihood of continued historically low mortgage rates will underpin prices in the near term.”
Marc von Grundherr, Director of Benham and Reeves added: “While it may seem as if the UK property market is treading water on a month to month basis, this short-term metric can be erratic at best and the broader picture shows that we are in a considerably better position than this time last year, with a third consecutive month registering notable levels of annual price growth above 5%.”
Brexit uncertainty means people are less likely to sell their home — instead, sitting tight waiting for house prices to stabilise.
