British house prices have climbed 8.3% year-on-year

 
British house prices have climbed 8.3% year-on-year [Photo: merron via iStock]

Although there has been much in the way of doom and gloom around UK property in recent times, new data keeps being released that seems to suggest that things in the market are actually a lot better than we would have expected. New house price information coming out early this week certainly is not bucking that trend. 

Data for July 2016 from the Office for National Statistics (ONS) shows that the average house price across the nation now stands at some £217,000. This was around £17,000 more than was recorded in the same month just a year before, which the ONS says is representative of an 8.3 per cent annual climb. 

While these yearly increases are not quite as strong as the near ten per cent that was reached before the Brexit vote in June, the data does still show house prices headed in the right direction. 

When compared to June, house prices nationally in July were some £1,000 more expensive, as demand continued in the face of political uncertainty and people refused to back away from a market that really has proven itself to be resilient and unrelenting ever since the last recession hit. 

According to the ONS, the largest contributor to these rising prices at present is still England, where the year-on-year growth is stood at 9.1 per cent at present. This is compared to the slower rates of appreciation in both Wales and Scotland, where prices slowly moved upwards, by four per cent and 3.4 per cent respectively. 

Thomas Fisher, economist at PwC, said that the difference between annual increases in June and July shows some slowing in the market, but added that house prices are still rising, which can only be seen as positive news in the longer run for the sector. 

"This suggests that market demand remained relatively resilient after the Brexit vote, despite some slowdown in mortgage lending," Mr Fisher said.