"Brexit may well have an impact on the housing market, but it’s not showing yet."
The data from Your Move & Reeds Rains shows a gradual decline in house prices since February, when annual growth was running at 8.9%.
However July saw a modest monthly gain after June’s 0.5% rise, with average prices up 0.2% or £700.
Overall, this means prices remain £3,386 below their February peak, but £15,422 above their July 2015 levels.
The East of England currently leads the charge in price increases, with an average annual rise of 9.3%, while Greater London has fallen back to third position with inflation at 6.0%, against 7.2% in the South East.
Transaction levels for Q2 remain 20% below the same period last year. However, Your Move says that "this has less to do with the referendum vote than the surge in activity to beat the 3% stamp duty surcharge introduced in April on second homes and buy-to-let properties".
Adrian Gill, director of Your Move and Reeds Rains, said: “Brexit may well have an impact on the housing market, but it’s not showing yet. Even when it does, there will be positive as well as negative influences on the market, which clearly has some strong long-term drivers for continued house price inflation.”
