The prices of properties in the UK grew by 5.8 per cent during the second quarter (July-Sept) of 2016 when compared to the corresponding quarter previous year, indicating that the housing market continues to remain on the growth trajectory despite the nation deciding to exit the EU.
According to the latest Halifax House Price Index, the house prices were a mere 0.1 per cent lower when compared to the first quarter (April-June) of 2016. The highest annual growth of house prices for this year was 10 per cent in March when sales were at the peak and since then there was a gradual slide with August recording 6.9 per cent. Though it was predicted that the housing market would be affected because of UK’s exit from the EU, the market continues to remain stable owing to several factors, including the intervention of the Bank of England.
The Halifax House Price Index also noted that the sales of homes in August largely remained unchanged, as more than 97,000 homes were sold between July and August. Interestingly, the average age of first-time home buyers is now 30 years, indicating a visible change in the trend.
House prices in the three months to September 2016 were 0.1% lower than in the three months to June 2016