House prices continue the rise, despite Brexit

House prices continue the rise, despite Brexit

The latest housing index gives more indication that Brexit fears are not yet hitting the country’s housing market as annual rates for house prices growth have increased.

Although the ex-Chancellor issued some warnings about a house price crash before the country made a decision on its EU membership, those fears have so far stayed unfulfilled.

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The data of the latest house price index shows a 6% annual price increase in November and a 0.2% monthly increase.

Whilst the annual rate of house price growth had been on a steady downwards spiral ever since reaching peak at 10% in March, November has seen a rise again.

Halifax’s housing economist, Martin Ellis, said: “Very low mortgage rates and an ongoing, and acute, shortage of properties available for sale should help support price levels although annual house price growth may slow over the coming months.”

House prices grew faster in November, Halifax says

Although confidence in the country’s housing market has dropped to its lowest level in three years, the majority still expects prices to go up, the latest Halifax Housing Market Confidence revealed.

The survey tracks consumer sentiment on whether house prices will be higher or lower in a year. The most recent survey revealed that since March 2016 the number of those expecting house prices to be higher declined by 14 points, however, 57% still believe house prices to have increased one year from now.

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