Average UK house price rises by £3,500 following Brexit delay

According to new research by online estate agents, Rightmove, house prices in the UK rose last month following the announcement that Brexit would be delayed until 31 October 2019.

The report says that hesitant home movers have been chivvied on by the news, which is why the average asking price for properties rose by almost £3,500.

This is the most significant month-on-month increase in property prices since March 2018 and means that the average price of newly marketed properties increased by an average of 1.1 per cent in the month to April.

The study found that the properties holding their value particularly well were family homes with three and four bedrooms. These types of properties are achieving average asking prices 0.7 per cent higher than a year ago.

Unsurprisingly, homes of this type are also the most likely to sell. The number of sales agreed was down by just 0.4 per cent compared to this time last year, while the national average drop is 1.6 per cent.

Interest in property is rising in general, with March marking the busiest ever month for Rightmove, with over 145 million visits to the website, which suggests that more people are feeling encouraged to invest in property again.

Michael Bagg, Tax Partner at Milsted Langdon, said: “The news that house prices are rising may be welcome news for some property investors, who may be tempted to sell during this period of growth.

“It is important that those investors who are considering the sale of a property that isn’t their main residence consider the tax implications. Those who are unsure whether their sale could lead to a substantial tax bill are best advised to contact us to see how we can help.”

Posted in News, Newswire, Right.