Brexit fails to contain rising UK house prices
House prices in Britain have continued to rise in the wake of the Brexit vote, a report says.
British house prices have risen at their fastest annual pace in four months in July at 5.2 percent, according to Nationwide, whose latest survey showed average prices edged up 0.5 percent from June alone.
Economists had expected house prices to rise 4.5 percent.
Banks and building societies recorded their strongest figures for eight years for the month of June as they handed over £20.7 billion of home loans.
A surge of investors piling into the housing market earlier this year has helped to keep prices pushing upwards across the UK.
Nationwide in its July survey warned that “leading indicators are consistent with softening ahead.”
“How the labor market evolves will be crucial in determining the demand for homes in the quarters ahead,” the survey said.
In the June 23 referendum, about 52 percent of British voters opted to leave the EU, while roughly 48 percent of the people voted to stay in the union.
After the Brexit vote, the British pound crashed to its lowest levels in 31 years, dropping below $1.35 for the first time since 1985.
Bank of England Governor Mark Carney has said Britain's economic outlook “has deteriorated” due to Brexit.
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