Regional residential report - Markets remain robust
Three months on from the Brexit vote and economic conditions have markedly improved since any initial panic immediately after the vote. Official data is showing healthy indicators, sentiment is on the upturn and anecdotal evidence shows little to no effect on activity in the land and housing markets across the regions.
National house price growth remains steady this quarter, with an annual change of 5.4% during Q3, up from 5.1% growth last quarter, leading to an average UK house price of £206,346. Turning to volume of sales, according to the latest Bank of England figures (to August 2016), total mortgage approvals so far this year have reached 534,000, an increase of 2.1% over the same period last year, and the most approvals across the UK since 2007, over the same time period.
Outer Metropolitan area has again been the strongest performer this quarter, posting annual growth of 9.6% in Q3 (annualised), according to Nationwide. This was followed by Outer South East at 8.0% and East Anglia at 7.3%.