UK house prices in July rose at their fastest annual pace in four months, might not yet reflect Brexit impact

The data from Nationwide, UK's biggest building society showed UK property prices rose by 0.5 percent in July compared with June, and were up 5.2 percent on a year earlier. That meant the average UK home was valued at £205,715, the Nationwide said.

Data showed that UK house prices rose at their fastest annual pace in four months in July, however, readings might not yet reflect any impact from June's vote to leave the European Union, mortgage lender Nationwide said on Thursday.

"The outlook for the housing market remains unusually uncertain and it may take several months for the underlying trends in the market to become evident," Nationwide economist Robert Gardner said.

Analysts have expected the UK housing market to be hit by any slow down or uncertainty following the UK's vote to leave. However, the data is based on mortgage offers made by Nationwide, suggesting that it is too early to record sentiment among buyers.  There is a short lag between a buyer making the decision to purchase a property and applying for a mortgage.