Chronic housing shortage prevents post-Brexit property price slump

A desperate shortage of homes on the market has prevented a post-Brexit-vote slump in property prices over the summer, a survey shows. Average prices across Britain grew by 0.6 per cent in August to £206,145 — a 5.6 per cent increase on the same month last year, according to latest figures from mortgage lender Nationwide.

The building society’s chief economist Robert Gardner that said that the pick-up was “somewhat at odds” with signs of a slowdown in demand from nervous buyers since the June 23 referendum. But he added: “Surveyors report that instructions to sell have also declined and the stock of properties on the market remains close to 30-year lows. That helps to explain why the pace of house price growth has remained broadly stable.”