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July 14,2016

British house prices rose at their slowest annual pace in nearly a year in June, before the country voted to leave the European Union, mortgage lender Halifax said on Thursday.

Prices in the three months to June were 8.4 percent higher than a year earlier. That was the slowest growth since July of last year although it was stronger than a median forecast of an increase of 7.7 percent in a Reuters poll of economists.

In June alone, prices were up 1.3 percent from May, Halifax said.

“House prices continue to increase, albeit at a slower rate, but this precedes the EU referendum result, therefore it is far too early to determine any impact since,” Martin Ellis, Halifax’s housing economist, said.

Britain has been thrown into its deepest political crisis in decades by the referendum result. Prime Minister David Cameron has said he will resign and the future of the country’s trading relationship with the EU is uncertain.

Confidence amongst consumers and businesses has fallen sharply since the vote, according to some surveys.

A British housebuilder, Persimmon (PSN.L), said on Tuesday that Britain’s housing market had steadied after some deal cancellations immediately after the referendum.

Great Portland Estates (GPOR.L), a central London property and investment company, said on Thursday it expected the Brexit vote to take a toll on commercial property markets, echoing the view of the Bank of England.

(Writing by William Schomberg; editing by Costas Pitas)

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