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Property analysts suggest post-Brexit slowdown on UK house prices

brexit.lockelord.com
December 14, 2016

House price growth across the UK continued to ease in October, with some property analysts claiming that the UK is starting to see the first signs of a post-Brexit slowdown. Overall, the average price of a home in the UK rose by 6.9 per cent in the year to October, reaching £217,000. This was up £14,000 compared with the same month last year, but unchanged from the previous month, according to the Office for National Statistics (ONS). However, on a quarterly basis to October, house prices rose by only 0.4 per cent compared with the previous three months. Lucian Cook, director of residential research at Savills, said: “I think this is the first sign of the house price indices showing a meaningful slowdown, which is largely missed when looking at the annual rate of growth — this shows a better up to date picture of the direction of travel.” He added: “I suspect this is due to weakening sentiment in light of the Brexit vote and a weaker economic outlook. It also likely to be affected by buy-to-let landlords being less active since the extra stamp duty rate was imposed and more cautious in light of upcoming mortgage regulation.”

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