The impact of Brexit on the housing market is unclear after a slight rise in house prices across the UK, according to Nationwide.

The UK’s biggest building society had said the result of the EU Referendum could reduce demand among buyers but reported a rise of 0.5% since the vote in June, a 5.2% increase on 2015.

It is the first data to be reported since the referendum and is based on mortgage offers made by Nationwide.

Nationwide chief economist Robert Gardner said: “Any impact from the vote may not be fully evident in July’s figures, as there is a short lag between a buyer making the decision to purchase a property and applying for a mortgage.

“In the near term, increased economic uncertainty may lead to weaker demand for homes. Leading indicators are consistent with softening ahead.

“Household confidence fell sharply in the wake of the referendum result, especially attitudes towards making major purchases, which in the past has correlated with mortgage activity, though less closely in recent years.

“How the labour market evolves will be crucial in determining the demand for homes in the quarters ahead.”

The rise meant the average UK home was valued at £205,715.

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