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16/08/2016
Average UK House Prices Rise 8.7% In June
New figures have revealed the average price of a house in the UK increased by 8.7% in June.
According to the latest House Price Index, the rate was more than the 8.5% measurement in May, pushing prices £17,000 higher to £214,000.
The largest annual growth was experienced in Na h-Eileanan Siar (Western Isles of Scotland), with prices increased by 28.1% to £121,000. The lowest recorded growth was in the City of Aberdeen, where prices declined by 6.8% to £178,000.
The most expensive borough to live in was Kensington and Chelsea, with the average house costing £1.2 million. The cheapest area to purchase a home was Burnley (£75,000).
Richard Snook, senior economist, PwC, said while the market remained strong before the Brexit vote, economists are predicting the UK's decision to leave the EU will have a "significant impact" on the housing market.
"These figures only capture one week of market activity after the vote to leave the EU on 23 June, so it is too early to draw any firm conclusions from this set of data," he said.
"Nevertheless, we expect that the vote to leave the EU will have a significant impact on the housing market. In our main scenario, average UK house price growth will decelerate to around 3% this year and around 1% in 2017. Cumulatively, our estimates suggest average UK house prices in 2018 could be 8% lower than if the UK had voted to stay in the EU."
(LM/CD)
According to the latest House Price Index, the rate was more than the 8.5% measurement in May, pushing prices £17,000 higher to £214,000.
The largest annual growth was experienced in Na h-Eileanan Siar (Western Isles of Scotland), with prices increased by 28.1% to £121,000. The lowest recorded growth was in the City of Aberdeen, where prices declined by 6.8% to £178,000.
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The most expensive borough to live in was Kensington and Chelsea, with the average house costing £1.2 million. The cheapest area to purchase a home was Burnley (£75,000).
Richard Snook, senior economist, PwC, said while the market remained strong before the Brexit vote, economists are predicting the UK's decision to leave the EU will have a "significant impact" on the housing market.
"These figures only capture one week of market activity after the vote to leave the EU on 23 June, so it is too early to draw any firm conclusions from this set of data," he said.
"Nevertheless, we expect that the vote to leave the EU will have a significant impact on the housing market. In our main scenario, average UK house price growth will decelerate to around 3% this year and around 1% in 2017. Cumulatively, our estimates suggest average UK house prices in 2018 could be 8% lower than if the UK had voted to stay in the EU."
(LM/CD)
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