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Official Data Reveals Further Growth in House Prices

According to the latest data from the Land Registry average house prices in July across England and Wales have continued to rise, with the annual growth rate set at 8.3%.

According to the latest data from the Land Registry average house prices in July across England and Wales have continued to rise, with the annual growth rate set at 8.3%.

Despite fears of a market slowdown in the immediate aftermath of the referendum, the housing market has seen further growth in July with prices across the continent rising by 0.4% month-on-month and annually by 8.3% - bringing the UK’s average property value to £216,750.


The largest annual increase was seen in the East of England, where the average house price has increased by 13.2% year-on-year; followed by London with a rise of 12.3% and the South East of England with an annual increase of 11.9%.


Conversely, the highest monthly increase was recorded in the North East of England with a 2.3% rise from June and an average property value of £129,750. The North West also saw a significant monthly uptick of 0.8% - bringing the average house price to £129,750.


Commenting on the latest figures from the Land Registry, Thomas Fisher, economist at PwC, suggested that the impact of Brexit has yet to emerge as house price growth in the UK continues on an upward trajectory.


“The data from the ONS shows a moderation in house price growth from 9.7% in the year to June to 8.3% in the year to July. But house prices still edged up by 0.4% between June and July. This suggests that market demand remained relatively resilient after the Brexit vote, despite some slowdown in mortgage lending,”


Expectations of a crash post-Brexit are currently being defied, not just in the housing market but also in the construction industry as data from three of the UK’s largest housebuilders show little or no adverse impact to their financial performances since the vote.

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