UK house prices have defied the Brexit gloom by racking up their biggest monthly increase since records began in 1983. Adding more than £13,000 to the value of a typical home in the UK.
Average Property price in the UK now £236,800
According to recent media reports, Halifax said the recent 5.9% increase seen in February was thought to be the biggest it has ever recorded. It lifted the average property price to £236,800 – up from £223,629 at the end of January. That translates into a £470-a-day increase in value.
However this has confounded many commentators, as it appears to contradict the widely held view that the UK’s property market remains in the grip of a slowdown as more recently in January it was reported that the market saw a 3% fall.
So is this just a correction?
The overriding view of many commentators during recent months has been that Brexit uncertainty and a lack of affordability in some areas are continuing to stifle the UK housing market.
Let’s see what the coming months bring and more importantly will Brexit cause further uncertainty?.