A SURGE in house prices has defied gloomy warnings of a crash after the Brexit vote.

House prices soar after Brexit vote

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House prices jumped by 1.7 per cent between November and December smashing economists’ expectations

As much as £4,000 was added to values in December – the highest monthly rise since March as the UK housing market ended the year with a bang.

Prices jumped by 1.7 per cent between November and December, smashing economists’ expectations of a 0.3 per cent rise, according to Britain’s biggest mortgage lender.

It led one expert to describe the housing market as “bulletproof”. Remainers had predicted the June 23 vote to leave the would cause prices to crash.

But values were up 6.5 per cent year-on-year in December and up 2.5 per cent over the past three months of the year.

We do not subscribe to the view that we will see price reductions in 2017

Russell Quirk - Chief Executive of eMoov

The average property value was £222,484 last month, the Halifax said. “Positive news on house prices simply will not go away,” said Russell Quirk, chief executive of eMoov.

“That is despite the efforts of some to make us accept that the market will weaken in the wake of EU referendum angst. The UK housing market is fundamentally robust – bulletproof even.

“We do not subscribe to the view that we will see price reductions in 2017. The clever money is on yet more positive news to underpin the overall economy this year.”

Theresa May

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The market has digested Theresa May’s comment that the UK could fully withdraw from the EU market