Despite the predictions of many that house prices may fall in the wake of Brexit, the market has proved its resilience and quietened the naysayers.
The latest Halifax House Price Index has revealed that property prices were up 6.5% in the last quarter of 2016, compared to the same period in 2015.
House prices also increased by 2.5% compared to the preceding quarter, with the average house price now at £222,484.
In fact, the step up between November and December was 1.7%, smashing the estimated monthly growth of 0.3% predicted by leading economists.
The increase in property values, despite the economic uncertainty caused by the EU Referendum, is attributed to a national shortage of houses for sale and historically low interest rates.
For those looking to buy property; from first time buyers to savvy investors bagging a bargain at the auction house, this news is a great boost, providing confidence in the value of UK property and testifying to the robust nature of the housing market.
Some had forecasted that house prices could drop by as much as 18% if the nation voted to leave the EU in 2016 but these latest figures firmly refute such negative warnings.
Although there is still a long road ahead in terms of Britain’s exit from the EU, and some still predict a softening of the market in 2017, these figures give us a very positive indication that we won’t see a sudden or dramatic decline.
It’s a great note to start the year on, and let’s hope there’s plenty more good news as 2017 progresses.