Property market 'resilient' despite ongoing political uncertainty
The UK’s property market is in a "resilient" mood as it heads into the second half of the year, according to the latest Mortgage Advice Bureau (MAB) index.
Buyer demand across much of the country has shown little sign of tailing off despite fears that current political uncertainty could weaken housing activity, as property prices edged up slightly from £249,862 in May to £251,573 in June.
The value of average purchase loans also remained broadly unchanged, shifting up to £175,929 in June from £175,487 in the previous month.
"In summary, we would suggest that the UK property market is entering the second half of the year in a resilient climate. Growth, whilst modest in some parts, is still evident due to buyer demand and confidence in bricks and mortar would appear to be, for many consumers at least, unruffled by ongoing political debate," said Brian Murphy, head of lending at the MAB.
Murphy added: "June appeared to be consistently busy in many regions, with members of the network observing a solid number of buyer enquiries, regardless of the distractions of certain major sporting events and a heatwave. In particular, Yorkshire, Scotland and the Midlands saw a very positive market, with motivated movers at all levels."
MAB’s most recent findings come several weeks after other major indices such as Nationwide and Halifax revealed similar data showing a modest year-on-year growth in house prices across the UK, which has been largely restrained by a slowdown in London.
According to last month's closely-followed Rightmove survey, London's house price slump has deepened as the market enters its traditional summer lull, with experts signalling a boon for prospective first-time buyers.
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