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August House Prices Up Despite Brexit Fears, Says ONS

Defying fears of a Brexit slump, home values across the UK have continued to increase in August, new official figures have revealed.

Defying fears of a Brexit slump, home values across the UK have continued to increase in August, new official figures have revealed.

The UK’s housing market experienced upward growth in August with the average property value across the country rising 8.4% from the previous year – a positive up-tick from July’s house price data.


The figures, released by the Land Registry in conjunction with the Office for National Statistics (ONS), contrast with rumours of a slow-down in the UK’s property market following the Referendum vote in June.


House prices in August rose by a substantial 1.4% from July, in fact, with properties across the UK adding nearly £2,300 in value from the previous month – bringing the average property value to £218,964.


The largest contributor to the rise in house prices was England, where prices rose 9.2% annually and the average home value stood at £235,573. Similarly, Wales saw an annual price increase of 2.7%, despite a slight monthly reduction of 0.6%.


In England, the majority of regions saw a monthly increase of over 1%; the South West of England lead the way with a 2.3% increase, followed by the South East with a 1.9% rise and the East and West Midlands both rising by 1.6%.


Earlier this month, separate research from the ONS revealed that the rental market in Great Britain also strengthened further in the year to August with private rents rising by 2.3% over this period.

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