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UK house prices set to rise despite Brexit uncertainty

Hometrack forecast that residential property prices will continue to rise, albeit at a slower rate of growth.

The latest figures released by the property market analyst reveal that the average price for homes in the 20 biggest cities was 4.2% higher than in the previous three months - the biggest quarter-to-quarter increase since 2004.

Property price growth was led by London and Liverpool, with house prices in both cities rising by an average of 4.1%, fuelled by a surge in activity in the buy-to-let market as investors rushed to avoid the introduction of higher stamp duty for second homes, Hometrack said.

Last week, figures from HM Revenue and Customs revealed that 161,900 properties were sold in the UK in March, an increase of 62,210 on February and the highest monthly number since June 2006.

Hometrack’s Richard Donnell commented: “We believe house prices will continue to rise but a moderation in investor demand and greater caution in the run up to the EU referendum will limit further acceleration in prices.

“Most likely the rate of growth will slow more rapidly in high-value, low-yielding cities such as London, where prices will be more responsive to weaker investor demand.”

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