House prices rising which defy predictions post Brexit

Posted by on Sep 1, 2016 in Blog | No Comments
House prices rising which defy predictions post Brexit

House prices have risen this month, defying all post-Brexit predictions of a slowing market, according to banking firm Nationwide.

The average asking price has increase by 0.6% in August compared to the previous month despite that there is strong evidence that the housing market has slowed down in recent months, this is attributed to the referendum and stamp duty increases on buy-to-let & second properties.

Experts predict that the increase will not last.

Contrary to the Nationwide information a survey by the Royal Institution of Chartered Surveyors found that there was a slower price grow and activity in the sector.

Meanwhile, Brexit has taken a short-term downtrend out of the number of newly built properties under construction.

There’s been a 15% drop in the number of new properties registered in the UK since the referendum, with London taking the biggest hit, recording a massive 62% fall from year-on-year.

The above figures come from the  National House Building Council (NHBC) which are taken a few months before any work begins onsite. They’re useful indicators for future trends in housing starts.

“Early indications show new home registrations are already bouncing back, with August figures on course to top 2015.” says Mike Quinton, chief executive of the National House Building Council.