UK house prices rose at their fastest for 18 months in June following Brexit vote
The average UK property was up 8.7 per cent year on year, with a typical home now worth £214,000
HOUSE prices rose at their fastest in 18 months in June, according to the first official figures to cover the aftermath of the Brexit vote.
The average UK property was up 8.7 per cent year on year, with a typical home now worth £214,000 - £17,000 more than in June 2015.
Apart from a three-month period in late-2014 and April 2010, this was the UK’s biggest rise since 2007.
The figures are the first from the Office For National Statistics to take into account the period after the June 23 poll.
Experts said July’s figures would give a truer picture of the property market.
Prices in England were up 9.32 per cent to £229,000 in June.
Wales enjoyed a 4.9 per cent rise in its average property price to £145,000, with a 4.6 per cent rise to £143,000 in Scotland.
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John Goodall, chief exec and co-founder of peer-to-peer platform LANDBAY, said: “Brexit uncertainty alone was not enough to derail the UK housing market in June, as prices continued to rise steadily.
“High demand drove the uplift in prices, with mortgage lending volumes jumping 16 per cent in June alone.”
Richard Connolly, chief exec at rent to buy group RENTPLUS said the rises were “fantastic news for those who own their home already”.
He added: “The monthly growth in prices across the nation was equal to £2,100 – near enough the equivalent of a month’s average salary.”
But it added it was “another indicator of lack of affordability and the continuation of the housing crisis” for those struggling to buy their first home.
Richard Snook, senior economist at PwC, said price rises could slow to 3 per cent later in the year.
He added of the June report: “Looking at the regional figures, London, the South East and the East of England remain the strongest performers, with double-digit annual growth rates recorded in June.
“The north-east of England is experiencing the weakest performance in the UK, with annual house price growth of just 1.5 per cent.”
The rate of inflation, as measured by the Consumer Prices Index, hit a 20-month high of 0.6 per cent today - pushed up by price rises for fuel, alcoholic drinks and hotel rooms.