Average home now worth £10,000 More than before the referendum
What a difference 12 months can make, particularly to the post-brexit U.K housing market. Despite numerous prophecies of doom from the “experts”, including former Chancellor George Osborne, who famously predicted a housing crash of 10-18% back in May 2016, UK real estate has shown resilience in the face of uncertainty. Far from crashing, overall house prices in the UK have increased by 4.9% in the year leading up to June 2017, according to recent figures released by the Office of National Statistics (ONS).
While the annual growth rate has slowed since mid-2016, according to the ONS’s UK House Price Index, growth has remained around 5% throughout 2017. This sustained momentum will be welcome news for home owners who have already invested as well as those evaluating the UK market for future opportunities.
Property in England was the driving force behind the overall increase where house prices grew by 5.2% year-on-year, with the East of England experiencing the largest growth of 7.2% in the 12 months leading up to June 2017.
Elsewhere in the U.K, Wales saw house prices increase by 3.6% while Scotland saw an increase of 2.9% during the same period.