UK House Price News: Growth Remains at 8.4%

UK house price news from First Choice Properties.

The latest findings from high street bank, Halifax, have shown that UK house prices were 8.4% higher in the 3 months to July when compared to the previous year.

The data has also revealed that UK house prices were up by 1.6% in Q2 when compared to Q1.

Martin Ellis, Halifax housing economist, said: “House prices in the three months to July were 1.6% higher than in the previous quarter; up from 1.1% in June but comfortably lower than earlier in the year.

“The annual rate of growth was unchanged at 8.4%; the lowest since July 2015. There are signs that house price growth is slowing with a deceleration in both the annual and quarterly rates of increase in the past few months. Nonetheless, the current rates remain robust.”

The Brexit decision – a result of the EU referendum held in June – seems to have had little effect on the market, with the lender stating that it is ‘too early’ to determine whether the decision will dampen the property sector.

In other UK house price news, Connells Survey & Valuation have announced that first-time buyer activity has increased since the vote.

‘Judging the Brexit effect might take years but in the meantime the first full month after the vote already looks encouraging as change has mainly been confined to the mixture of activity, rather than the overall volume of valuations,’ said John Bagshaw, corporate services director of Connells Survey & Valuation told Property Wire.

However, it’s not all good news for the property sector.

City A.M. has reported that commercial property prices have been substantially hit since the Brexit vote.

It reported that commercial property values decreased by 4% in July, with the value of City offices hit the hardest with a 6% drop.

The long-term effect of the vote is yet to emerge however, it seems that UK house prices in the residential sector have remained robust.

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