House price growth hits 5.1% in June says Nationwide

The latest figures extracted from Nationwide’s house price index have shown that in June annual house price growth increased to 5.1% – a slight improvement on the 4.7% seen during May.

Robert Gardner, Nationwide’s Chief Economist, said: “It has become difficult to gauge the underlying pace of demand in recent months, due to the surge in house purchase activity in March ahead of the introduction of Stamp Duty on second homes.

It will therefore be difficult to assess how much of the likely fall back in transactions in the quarters ahead is because buyers brought forward purchases to avoid additional Stamp Duty liabilities, and how much is due to increased economic uncertainty following the referendum result. Gauging the likely impact on house prices will be even more difficult.

Gardner added that it is too early to assess the impact of the referendum vote on the economy, “however, it is encouraging that the labour market had remained robust in recent months, with solid employment growth and the unemployment rate declining to an eleven-year low in April”.

Jeremy Leaf, former RICS chairman and north London estate agent, said: “The figures are surprisingly strong considering they are for the period post the stamp duty increase and pre the outcome of the Referendum.

They show that the market is more resilient than we might have expected. It shows that make-up of buyer interest was a mixture of investors who brought forward buying decisions as well as first-time buyers and existing home movers. The latter groups still see some value in the market and are taking advantage of very low interest rates.”

Rightmove: New listings slightly up after referendum vote

New Rightmove listings on Friday, Saturday and Sunday were very slightly up compared with the same three days the previous week, the portal revealed.

The increase, of just 1.3%, reflecting pre-referendum instructions to agents from vendors.

Rightmove also said that it has yet to see any price reductions beyond the usual pattern.

Rightmove has however seen a rise in searches for property in Scotland.

However, a spokesperson stressed it was too early to see any real trends.

Leaving the European Union

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Well, the nation has spoken and we are leaving the European Union. The decision has been made and now we have to deal with the consequences, whatever they may be. We are lucky living where we do that people always want to move to the area, so if you are wondering what will happen and whether you should move or not our advice would be to get on with your plans, don’t wait around for something that may or may not happen. The market is the market and that affects the price you sell at as well as the price you buy. It’s all relative.

We are here to help you with your moving plans, you can browse all our properties by clicking on the relevant tabs above. If you have any queries or questions then please do get in touch with us mail@chamberlains.co or 01626 365055