The time it takes to sell a house has hit a record low, as Britain's housing market continues to prove its resilience despite the backdrop of the EU referendum.
The uncertainty of the outcome of the vote doesn't seem to have deterred buyers; property website Rightmove said today sellers only have to wait an average of 57 days to shift their stock from the time it is advertised on the website.
Property prices have risen every month this year, according to the data, and the average UK house price was £310, 471 in June – a monthly rise of 0.8 per cent.
The numbers contradict predictions from the Royal Institution of Chartered Surveyors, whose members thought house prices would start falling for the first time since 2012.
London house prices have bucked the national trend, falling by 0.2 per cent, almost £1,000, this month.
Brian Murphy, head of lending at the Mortgage Advice Bureau, said:
The latest data from Rightmove suggests that, whilst there are many who had said demand would slow during the referendum, in fact the market is busy, with prices maintaining an upwards trajectory.
With the average time to sell dropping to just 57 days – the fastest ever measured by Rightmove – and asking prices reaching a new high, it would seem sellers are still confident of achieving top prices for their properties, probably underpinned by the current imbalance of stock and supply.
Jeremy Duncombe, director of Legal & General Mortgage Club, said:
Whilst some may view these figures as good news, it’s important to remember that these rises mean that the prospect of homeownership is becoming more and more distant for most aspiring homeowners.
We’ve had promise after promise and policy after policy when it comes to tackling the housing crisis, but the simple fact is that these words have not been met by action on the ground.