Despite expectations from some experts that UK house prices may decrease, due to the result of the recent Brexit vote, house prices appear to be rising. The average house price rose 0.7% month-on-month, putting a property increasingly out of reach for first time buyers. There may still be a risk of a downturn in the economy before the end of the year according to economists.
Key Takeaways:
- First time buyers face rising costs following Brexit
- UK housing market shows signs of recovery
- Average house price in London is rising faster than rest of UK
“Overall, UK house prices appear to be rebounding from the lull which followed the Brexit vote in June, according to Rightmove.”