New figures from the Office For National Statistics (ONS) indicate that average UK house price growth increased in the year to August 2016, defying expectations. Richard Carr comments.
In June 2016, the UK voted to abandon EU membership (Brexit). Many experts believed that Brexit would curtail the British residential real estate sector. ONS figures for July 2016 seemed to validate this concern. According to the agency average UK house prices expanded by 9.3% in the year to June 2016, falling to a growth rate of 8.3% in the 12 months to July 2016, but the market now seems to be picking up.