In another report on the housing market, there are signs that perhaps Brexit is about to take a toll and hopeful home buyers might be more cautious than in months past. According to Nationwide, the average house price in August was £216,096, which is £1,567 less than reported in July.

London house prices have been on a mode of correction from the lofty house prices of years past. According to a new report from UBS, London’s property market has finally cleared out of the bubble risk territory for the very first time in four years. The capital’s real estate is still considered over valued, and for many out of reach, but the years where the property values soared by 50% are long gone.

The UK mortgage lending market has had a boost in the middle of summer. Not just the usual summer boost, but one unexpected, especially in the lead up to Brexit. Not only is the boost surprising, but it is substantial at a time when experts would have been validated had the market been cooled off or chilled due to the factors at play with uncertainty in the future economy. UK Finance’s report, the Household Finance Update, revealed that mortgage approvals in July were 16.4% higher than the same month last year. Remortgage lending saw an even higher increase at 19.4%.

The current housing market coupled with the low fixed interest rates at long terms being offered by lenders is turning out to be too good a situation for hopeful home buyers to ignore. Add in lower asking prices and aggressive sellers wanting to make a deal and it makes the current market for buyers exceptionally nice. It could get even nicer should the stamp duty get overhauled as expected at the start of October.

First time buyers are still finding it difficult to get on the property ladder. They may be taking advantage of the lower asking prices in the housing market and the low interest rate mortgages offered by lenders, but there are many that are still waiting, saving, and trying to find an opportunity. It is no surprise that first time buyers are much older than those that bought their first home decades ago due to the difficulty. It is also no surprise that one of the well-known lenders that assist first time buyers with their goal is the Bank of Mum and Dad.

The housing market usually benefits from a boost brought on by the summer season. People are more optimistic as the weather turns sunny and warm. They have more daylight hours to shop around and discover properties. It is a time to make changes and look forward into the future and that means taking the jump onto the property ladder. In the lead up to Brexit, it appears that the housing market still benefitted from a summer boost.