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House prices up 0.2 per cent in June: Nationwide

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House prices rose 0.2 per cent cent in June to £204,968 on average, according to the latest Nationwide house price index,

House prices were up 5.1 per cent year on year.

Nationwide chief economist Robert Gardner says: “The rate of annual UK house price growth has remained fairly stable over the past twelve months, confined to a fairly narrow range of between 3 per cent and 6 per cent – this trend was maintained in June with price growth at 5.1%, up slightly from the 4.7% recorded in May.

“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 on 1 April.

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

LendInvest director Ian Thomas says: “The vote to leave has come as a shock to many, but in our view, the fundamentals of the UK housing market won’t change abruptly.

“People still need homes to live in, whether we are in the EU or not, and the fact is that demand for housing massively outstrips supply.”

Former RICS chairman Jeremy Leaf says: “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.”

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