House prices rise despite post-Brexit crash prediction

Figures released this week show that house prices rose considerably in the year to June, despite the uncertainty surrounding Brexit and concerns of an impending crash.

The statistics showed that the average UK house price had risen 8.7 per cent when compared to the same month last year - a rise which is almost four times the average annual rise in wages.

Regional divides

The East of England saw the fastest growth, with house price increase surpassing growth in London, while the North East and the West Midlands were the only areas to see steady falls in prices.

England as a whole saw the biggest rise, of 9.3 per cent, while there was a jump of 4.9 per cent in Wales and 4.6 per cent in Scotland.

Confusion

However, some property experts have warned that the figures released by the Office for National Statistics were inclusive the week after the vote, during which it was expected that there would be an exodus of foreign proper owners.

The figures also contradict a different report issued by the property website Rightmove this week, which claimed that July saw biggest single fall since in property prices across England and Wales since last November.

Also, a senior economist at PricewaterhouseCoopers said that the company expects UK house price growth to slow to around 3 per cent this year, and then to drop as low as 1 per cent in 2017.