UK House Prices risen 10% this year – British exit of the EU could kill growth.
UK house prices increased by 10.1% in the first quarter of 2016 compared to the first quarter of 2015.
In January to March 2016 property values were 2.9% higher than the previous 3 months. The average price of a UK house is now £214,811.
Flats increased the most by 57% since 2008, compared to the overall average UK property saw an increase of 37%. Terraced and semi-detached homes increased 38% and 34% respectively over the same period.
Martin Ellis, an economist for Halifax, said “despite the strong market the upcoming UK referendum on the EU, known as "Brexit", could well impact the housing market.”
The uncertainty on the British exit of the EU may already be effecting factors of the housing market.
The London luxury property market did in fact drop in 2015 and is unlikely to rise in 2016.