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Property Prices Bounce Back After Brexit

The average value of a UK property has continued to rise in September despite fears of a slow-down in the market following the Referendum vote, according to a new report.

The average value of a UK property has continued to rise in September despite fears of a slow-down in the market following the Referendum vote, according to a new report.

The research, compiled by online property listings site Rightmove, shows that property prices across the UK have risen on average by 0.7% from August to September.


The largest increase in average property value was found in Greater London, with a month-on-month rise of 1.9%, also marking a year-on-year increase of 1.8% and an average value of £630,974.


London’s monthly price rise was followed by the East Midlands (1.3%) and the South East (1.1%), with the average property value increasing to £197,502 and £409,310 respectively.


Seven out of the ten UK regions saw an increase in the value of property, with only Wales, Yorkshire & Humber, and the North West recording decreases.


The largest price decrease was witnessed in Wales, with the average property value now standing at £177,077 – a 1.9% drop in property values. In spite of the decrease, the year-on-year price difference in Wales remains an increase of 0.5%.


UK Average Property Prices


Commenting on the latest figures, Miles Shipside, Rightmove director and housing market analyst, said:


‘While the referendum result has created additional downwards price pressure in some upper segments of the market that were already slowing, those who do not own a home and arguably have the greatest housing need are now finding it harder to achieve their goal in the post-Brexit-vote aftermath.’


Earlier this month, the Land Registry’s official figures revealed that the annual growth rate in the UK remains at 8.3%, as of the end of July.

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