U.K. House Prices Edge Higher in ‘Muted’ Post-Brexit Market

  • Annual growth slowest in three years as tax hike hits London
  • Demand in U.K. capital shifting to affordable outer districts

U.K. house prices edged higher in August as the property market continued to experience a lackluster recovery following a tax increase and the shock of the Brexit vote, according to Acadata and LSL Property Services Plc.

The average value of a home rose just 0.1 percent, the same pace as in July, to 292,921 pounds ($390,000), the groups said in a report published on Tuesday. It left prices 4.3 percent higher than a year earlier, the weakest annual increase for three years.

The housing market has slowed sharply since the spring, with the June decision to leave the European Union adding pressure to a market already feeling the effect of a stamp-duty surcharge on investment properties introduced two months earlier. The impact has been most pronounced in London, where prices declined for a fifth month in July, the latest month for which regional data are available…

U.K. House Prices Edge Higher in ‘Muted’ Post-Brexit Market

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