5-minute UK Market Update

It has been four weeks since the UK voted to leave the EU – but it will be another week before we have a full months’ housing data. However, in the meantime, July’s Residential Market Update gives a round-up of all the latest information we do have.

We have also today published the House Price Sentiment Index (HPSI) which gives a snapshot of households’ expectations for households in the wake of Brexit. For more on this, and other house price trends, listen to this interview with Share Radio.

What the most recent data tells us is that house prices rose by 5.1% in June across the UK, while they slipped by 0.6% in prime central London. UK rents were up 2.5% 12 months from June 2015.

And as the market absorbs the increased political certainty provided by the early ending of the Conservative leadership race, and a prime minister who is already holding talks with the two biggest EU nations, mortgage rates remain near record lows.

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The RICS survey of agents showed that while buyer demand slowed in June, this was matched by a slowdown in supply, underlining the continued imbalance between supply and demand in the market.

As ever, the market remains localised, and this is exemplified by the East/West divergence which has emerged in price movements in prime central London.

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