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House Prices in the UK Rose Before Referendum, says ONS

The average property price in the UK increased in May ahead of the Brexit vote, according to figures from the Office for National Statistics.

Property Prices Rise May 2016

The average property price in the UK increased in May ahead of the Brexit vote, according to figures from the Office for National Statistics.

Marking an eighteenth month of consecutive house price growth, the average house price grew by £2,400 month-on-month – a 1.1% increase on the figures from April 2016.


Year-on-year, property prices grew by £16,000 to an average value of £211,000. The figure marks an 8.1% increase from May 2015, maintaining the level of annual growth seen in the numbers published by the ONS for April 2016.


Regionally, the annual figures demonstrate continued growth throughout the UK, with London leading the table with a 13.6% increase in property prices over the year, rising to an average of £472,163. This was followed by a 12.9% rise in the south-east to £306,037 and 12.8% in the east of England, where prices now average £265,156.


The lowest growth area was the north east, where property prices rose by 3.2% to an average of £124,466, followed by 3.5% in Northern Ireland and 3.7% in Scotland, where the average property price has reached £118,000 and £141,000 respectively.


The figures published by ONS were compiled prior to the announcement of the UK’s decision to leave the European Union last month and do not yet provide an indication of how the UK housing market has reacted to Brexit.


Earlier this week, figures from Rightmove suggested that property prices may be beginning to feel the effects of Brexit already, with a decrease in the average asking price for properties in July.

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