Brexit has no major impact on economy so far

According to the ONS, there has been little impact of the Brexit vote on the UK economy so far, with house buying steady.

The Office for National Statistics (ONS), Chief economist, Joe Grice has said that “the referendum result appears, so far, not to have had a major effect”.

The manufacturing and construction sectors have remained the same as the previous few months, with the ONS saying the rise in inflation could be largely accounted for by last year’s declines coming out of the annual figures.

There is currently no official figures for the service sector, which accounts for more than three-quarters of the economy. The index services for July is out on the 30 September.

On 27 October, the first estimate of how the whole economy has fared in the three months following the referendum will be published.

HM Revenue and Customs data has also shown that house buying in the UK has not been hit, with a total of 109,630 properties bought in the UK during the month of August, a slight rise on a year earlier.

Mortgage data has shown some signs of slowing down.

Following the Brexit vote, the UK housing market has “settled down”, with sales and prices expected to rise in the coming months, according to the Royal Institution of Chartered Surveyors (Rics).

Director of the Legal and General Mortgage Club, Jeremy Duncombe, said that the lack of properties being built on the market was the most significant factor for the market.

“Until the supply and demand for UK property is better balanced, we will be left with a housing market that is only within reach for the few and unattainable for many,” he said.

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