Brexit slowdown? UK housing market shrugs off concerns as prices rise | Personal Finance | Finance

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House prices have crept up despite fears of a Brexit slowdown

A survey by property website Rightmove found there are currently more buyers and sellers within the wider market compared with the same period around the referendum last year, with the number of sales agreed in June 2017 up 4.6 per cent compared to 2016.

According to Rightmove, prospective buyers are “seeing a lot of sold boards on properties they would like to buy themselves”, meaning more than 45 per cent of estate agents’ property stock is now being sold “subject to contract”.

Cumulative sales agreed during 2017 are almost on par with the same period last year – down just 0.4 per cent.

It should be noted, however, that the first six months of last year saw boosted numbers as buyers rushed to beat the April 2016 stamp duty deadline.

Miles Shipside, Rightmove director and housing market analyst, said: “A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong.

“Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market, over 45 per cent, have sold signs slapped across them.”

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The national average asking price for first-time buyers has dropped by 1.7 per cent

Rightmove’s monthly survey is calculated on asking prices rather than completed transactions, and comes at a time of year when the property market is generally much quieter, with the focus being on holiday bookings instead of property purchasing.

According to Rightmove analysts, the seasonal slowdown in activity caused the overall market to rise by just 0.1 per cent last month.

However, while this data includes a drop in prices for first-time buyers outside of London since June, the traditional blip in the market at this time of year has provided little solace for those trying to get on the property ladder.

Figures suggest that while the national average asking price for first-time buyers…

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