Although growth is slowing, house prices continue to reach levels of unaffordability.
Despite a sharp fall in house prices before the referendum, UK house prices have steadily risen and have continued to do so in June. With markets fluctuating in this period of uncertainty, Halifax have said that it is still too early to say how the referendum will ultimately affect the housing market.
The new ratios of house prices to earnings means that buying a new home will cost the average worker almost six years’ worth of earnings before tax. Growth is slowing down however, and with this growth preceding the EU referendum result, it is difficult to predict how housing will be affected long term.
For more predictions and analysis on the current housing climate, see The Telegraph’s article here.