The latest report from the Office of National Statistics (ONS) has been released. The data reveals that UK house prices increased in the year to July at a slower rate than any other time since September 2012. The growth amounted to 0.7%. It was noted that property sales were still very slow in London. Once helping the overall UK housing market data due to the robust sales in the capital, the chilling off of the market definitely impacts now in the opposite direction.

A new report referencing the housing market appears to show that caution could be setting in as Brexit uncertainty looms over the UK. The deadline for Brexit is 31 October, and since the Brexit vote in summer of 2016, doom and gloom forecasts for the housing market have not ceased. It doesn’t mean, however, that the forecasts have panned out to be correct. Month after month data showed a resilience in the housing market as hopeful home buyers took advantage of opportunities and pushed caution and worry aside.

The housing market is evolving. Consumer behavior in the market used to be predictable. First time home buyers bought the least expensive properties on the market to start. The buyers were professional singles, couples yet to start a family, and in some cases small families with younger children. As these families required more room to grow, they moved home and upgraded to a larger property. This left a starter home available for another first time buyer or perhaps a person or couple entering the pension years in search of a downgrade.

The current lending market and housing market have combined to make perhaps one of the most attractive environments for home buyers in decades. Pushed into the current state by many factors, including the upcoming Brexit deadline of 31 October, lenders are competitive, home sellers are aggressive to sell and lowering asking prices, and the mortgage products on the market have low interest rates and longer terms than seen in decades. Hopeful home buyers are going to have a hard time passing over the opportunities that currently exist and are therefore expected to remain focused on the housing market.

Homeowners have been busy seeking remortgaging opportunities to save money. For many of them, a remortgage could offer a substantial savings, especially when compared to the interest rate some would have to pay if they didn’t remortgage and were moved to their lender’s standard variable rate (SVR) when their current deal ended. Experts have reported that some homeowners that mortgaged or remortgaged two or more years ago would face an interest rate double or more with a SVR.

There have been less than optimistic forecasts on whether the housing market will be able to hold on to the resilience it has demonstrated since the Brexit vote. Many doubt that as the Brexit deadline of 31 October draws near and afterwards that borrowers will be as motivated to climb the property ladder with uncertainty surrounding the economy. However, those that are naysayers may not be considering the opportunities that are turning out to be too good to ignore for those considering becoming homeowners.