The latest Office for National Statistics (ONS) report shows that property prices have continued to rise, despite the Brexit vote in June. The news comes as official data from the ONS indicates that the consumer price index inflation rate was 0.6 per cent in August, unchanged from July.
The average property price in the UK is £217k, an 8.3 per cent increase in the year to July 2016. Property inflation is now approximately 3.5 times that of the average wage growth in Britain (2.4 per cent), as indicated by the ONS weekly earnings report.
However, according to data compiled by researcher Lonres, the number of owners cutting prices for prime homes in London increased 75 per cent in the 10 weeks following the Brexit vote, compared with the same period a year earlier, and sellers of luxury homes in the Capital have lowered their asking prices as a measure to encourage buyers concerned about high taxes and political uncertainly.
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. For further information about how we can help you with your property ambitions, including how to best structure your property deals, both to ring-fence and protect your property assets, as well as to minimise the tax arising from property investments, contact Steve Govey or your usual Beavis Morgan Partner.