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UK Housing Market Continues to Grow in June

The British Bankers’ Association have released new figures showing that the number of properties sold in the UK during June actually increased despite Brexit.

Property Prices Rise in June Says British Bankers' Association

The British Bankers’ Association have released new figures showing that the number of properties sold in the UK during June actually increased despite Brexit.

Last month, there were a total of 48,973 homes sold in the UK according to the BBA, with the figure standing as the highest number since October last year.


However, the figure falls significantly short of the number of properties purchased in the same month last year, where 54,454 house were sold – representing a 10% decline on the number of properties sold in June last year.


In addition to the rising number of property purchases, the figures also demonstrate that property owners borrowed £8.4bn in June, rising by 3.5% year-on-year.


Commenting on the findings, the BBA’s chief economist, Rebecca Harding, said: ‘Overall, business confidence was clearly fragile in anticipation of the outcome of the vote, but these results are not a verdict on the health of the economy post-Brexit.’


However, Harding warned that the full impact of Brexit on the housing market will not be known ‘until the autumn and any trends before then should not be over-interpreted.’


The findings from the BBA match those of the Office of National Statistics, who said earlier this month that the average property price increased in June.

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