- Brexit may have an impact
- But there remains reasons for optimism
There’s was a small 0.6% rise in average house prices over the month to the end of June in England and Wales – with prices now 6% higher than a year ago although some uncertainty remains following Brexit.
interest rates promised by the Bank of England, however, to stave off any slowdown could ease affordability and support prices; the fall in Sterling makes London property cheaper for overseas buyers (many of them outside the EU anyway); and prices will continue to be supported by supply constraints as we are still not building enough homes. Finally, a new Prime Minister may also have new ideas for housing. There are, therefore, reasons for optimism.
Adrian Gill, director of Reeds Rains estate agents, says: “Brexit is going to have a wide range of influences on the market, both positive and negative. How they will all balance out is far from clear, but they are going to increasingly dominate the market in the months ahead.”
Source: LSL/Acadata England & Wales House Price Index, June 2016