Brexit impact on house prices is uncertain, Nationwide says

29th July 2016

The Brexit effect on the housing market may take months to become clear, the Nationwide has said, as it reported a slight rise in UK house prices in July, the first property data since the EU referendum. Property prices rose by 0.5% in July compared with June, and were up 5.2% on a year earlier, meaning the average UK home was valued at £205,715, the Nationwide said. "Any impact from the vote may not be fully evident in July's figures, as there is a short lag between a buyer making the decision to purchase a property and applying for a mortgage. How the labour market evolves will be crucial in determining the demand for homes in the quarters ahead," said Robert Gardner, Nationwide's chief economist.

The Times (29/07/2016)