You are viewing 1 of your 1 free articles
House price growth falls since EU referendum
UK house prices grew three percentage points more slowly in the year following the EU referendum compared to the year before, official government figures have revealed.
While house prices grew by 8.2% in the year leading up to the EU referendum, in the year since they have grown by only 4.9%, according to the Office for National Statistics’ House Price Index, which has now covered the year to June 2017.
The slowdown, however, has not changed much in 2017, with price growth remaining steady at around 5% for the first half of the year.
READ MORE
London saw one of the lowest rates of change, with house prices only growing by 2.9%, well below the average. Average prices in the capital still far outstrip the rest of the country though, at £481,556, compared to a UK-wide average price of £223,257.
Kensington and Chelsea remained the most expensive place to live in the UK, with house prices growing by 12.8% to reach an average of £1.4m.
Andy Sommerville, director of property data firm Search Acumen, said: “A slowdown in house price growth is good news for first-time buyers and those looking to move up or down the housing ladder. At the same time, lethargic price growth will undoubtedly worry those who have a large amount of equity tied up in property.
“Ultimately, the current market can’t satisfy everyone, but it needs to be fed with new stock required to provide for generation rent while creating stability for those already lucky enough to be on the housing ladder.”
