Let's hope it remains that way!
The Bank of England kept the Base Rate at 0.5% again in July - much to widespread surprise. Many economists were predicting a cut in rates - which is now confidently expected in August - so we'll see how the crystal ball is working this time. It may well depend on the result of the quarterly inflation report.
The Chief Economist of the Bank of England said this of the referendum result : " It has increased materially the degree of uncertainty - economic, policy and political - around the economic recovery". He feels that the economy is likely to slow down rather than crash but the Bank of England is ready to take action now to steady the ship.
It is now expected that the Base Rate will be cut from 0.5% to 0.25% in August.
On the positive side, Banks are in a much better position to cope with any possible fresh credit crunch or economic downturn. As a result of 2008, they now hold more money and these additional capital and liquidity requirements should give them the flexibility to continue to lend to UK businesses and households.
Let's hope this proves to be correct over the coming years!
The data for both Halifax and Nationwide's indices is taken before the EU referendum result so it is too early to see any impact of this although there are certainly signs already of a slowing market.
Estate agents have a record low of properties on their books but this could help support prices if demand reduces as expected.
The respected accountancy firm PricewaterhouseCoopers have not been so positive about the result of the referendum. They have predicted that by 2018 UK house prices will be 8% lower than if the vote had been to Remain. That's not to say that prices will not still go up - it will just not be by as much according to their reading of the situation.
It is fair to say that there is a lot of guess work at present and only time will tell us exactly how the vote is affecting the market.
Anyway, here are the results for June 2016:
June 2016 - increase of +1.3%
Quarterly change - increase of +1.2%
Annual Change - increase of +8.4%
June 2016 - increase of +0.2%
Annual Change - increase of 5.1%
It is perhaps next month's figures that will give us the better indication of how the market is performing.
So there is no immediate doom and gloom in the market place but there is certainly caution.
YOUR PROPERTY IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE