According to Nationwide’s July house price index, house price growth was steady.
It would be easy to assume that the July house price index growth slowdown has been caused by the BREXIT decision, however Nationwide’s Chief Economist, Robert Gardner commented;
This is the first month’s data following the EU referendum. However, it is important to note that, in constructing the index, we use data at the mortgage offer stage – this means 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.
Monthly UK Price Statistics:
The data compiled by the UK’s biggest building society is the first since the decision was made for Britain to exit the European Union. When the decision to leave was announced on the 24th June, the nation watched as the UK’s economy seemed to tumble into turmoil. This will have no doubt had an effect on people’s decisions to sell or buy.
Quick Move Now’s Managing Director, Danny Luke comments;
The property market in the UK is often painted as being somewhat volatile and unpredictable, add to this the stamp duty changes that took effect in April and now the decision to leave the EU, figuring out what’s going to happen next and how much property prices will be affected is nearly impossible!
Those who analyse property data, will know that there are seasonal trends that return year after year in the market, and while this new data shows a small slow down, the future is still really uncertain and the full effects of leaving the EU may take several months to come to fruition.
Despite the uncertain times ahead, Quick Move Now are still buying properties! If you have a house for sale, call the friendly team today to see how much we could offer you for a guaranteed quick house sale!