House prices not hugely impacted by Brexit process in Q3

House prices not hugely impacted by Brexit process in Q3 [Photo: iStock/narvikk]

Brexit has always been a word to fear in the property market, if forecasts and predictions are to be believed. But according to a new report, the start of the Brexit process and negotiations has actually had very little impact on the market at all. 

In fact, the data published by Halifax Bank shows that the average property price is actually rising at its fastest rate across the UK since the triggering of Article 50 by the government earlier this year. 

Halifax Bank said that in the three months to the end of September this year, the average price of property across the UK rose to a new high of £225,109. This represented a 0.8 per cent rise in September, as well as a 1.4 per cent increase when compared to the end of the quarter before. 

However, perhaps most significant is the fact that house prices are now four per cent higher than they were at this time a year ago, indicating that Brexit, and the start of the process for real in 2017, has not had the impact that many would have expected it to have before the referendum.

While prices are rising at a promising rate, however, experts are warning that it may be a little too early to start celebrating just yet. Russell Galley, managing director of the Halifax Community Bank, said that even though prices have risen well, the rate of growth remains slower than at the start of 2017. 

On top of this, Jonathan Hopper, managing director of Garrington Property, said rises are still not as consistent as the market would be hoping for. He said momentum remains "patchy" and that even though prices are heading in the right direction, there is too much in the way of wavering to suggest any long-term trends have started.