House prices rise fastest in 2 years to defy Brexit fears

HOUSE prices are rising at their fastest rate for two years in an unexpected recovery for the market.

Average selling prices were up by 5 per cent annually in the three months to April, to £236,619.

The rise – the biggest since February 2017 – follows months of sluggish growth amid the uncertainty of Brexit. Prices were boosted by an unusually large number of sales of new-build properties.

Sam Mitchell, of online estate agents Housesimple, said the coming months could see a further pick-up because Brexit has now been delayed until October – giving buyers a period of calm.

He said: ‘We could well see a late spring bounce, as sellers and buyers take advantage of this window of opportunity while there is less political turmoil swirling around to progress a sale or purchase.’ But Halifax, which is behind the figures, said the rise was down to a ‘particularly low’ growth in house prices last year and warned the market remained ‘subdued’.

The report came as a survey by the Royal Institution of Chartered Surveyors found sellers are starting to be more realistic in setting their asking price.