Nationwide have released their first data about the UK housing market and it was all a bit well… underwhelming.
While the media have leapt on every bit of bad news following the Brexit, anyone who saw this latest report from the Nationwide will be forgiven if they nodded off. Inside the report there was nothing to support the theory prior to Brexit that there would be a house market crash.
We didn’t even get the modest fall in the national house price that came 12 month’s earlier in June 2015 where prices fell 0.1%. This was barely a ripple on the pond back then and the 0.2% increase in prices we saw last month also offered little to set the pulse racing either way.
The reality is that since June 2014, national house prices have risen from £188,903 to £204,968. Only three of those 24 months saw static or falls in house prices.
So we are still none the wiser what the Brexit means for the property market other than to be confident that the predictions of doom didn’t come true. These things rarely turn out as bad as you might expect.
The important thing now is to for the government to continue taking decisive steps to calm the markets and encourage investor confidence.
View Nationwide’s House Price Index Below: