Average UK home jumps £3000 in August, according to the Office of National Statistics, confounding predictions referendum would hit the market.
House prices are continuing to rise despite predictions that Brexit would have an impact on them. They continue to outstrip wider inflation.
Figures from the (ONS) say that the average UK home in August cost £219,000, up £3,000 – 1.4 per cent higher than July.
Year-on-year, property has jumped by £19,000, or 8.4 per cent, an increase from eight per cent in July and way ahead of the one per cent annual growth in inflation also reported by the ONS yesterday.
Latest Survey data shows a robust performance in the UK housing market since our decision on the EU vote.
With earlier predictions being that the housing market would suffer new data shows that this has not been the case, jumping in with stats to early has caused concern amongst the housing market.
The ONS figures are generally regarded as more reliable as they are published later that other survey’s so we get a more comprehensive look into how the market is currently performing.
A report in September published by Halifax and Nationwide showed house prices were showing albeit a positive growth a slow one. While the Royal Institute of Chartered Surveyor’s showed that buyer demand was returning after a slight dip.
This could mean that house prices may rise faster in the months ahead. The greatest growth in the UK has been in the East of England where the house prices have jumped up by over 12 per cent.
Scotland has been hit with the market there slowing by a figure of 8.7 per cent.