Homeowners are said to be staying put rather than moving home. The housing market is not seeing the normal of decades past where first time homeowners sold their starter home to other first time buyers as they upgraded. Thus putting the housing market into a constant move upward with buyers with growing families and then down again as they became empty nesters. Instead of moving, homeowners are staying where they are and some are choosing to upgrade the home they are in by turning their built up equity into cash through remortgaging.

The most recent data report from Halifax has been released and has shown that UK house price growth is at the slowest rate in six years. Due to Brexit uncertainty the housing market isn’t expected to show much change in the months ahead. Even with the market being favorable to first time buyers, experts believe caution has taken hold and until the 31 October Brexit deadline has come and gone uncertainty will be powering the actions of buyers.

Interest rates could be cut again according to some experts. The current Bank of England rate of 0.75% has remained since August last year when there was a 0.25% interest rate increase. In 2018, the Bank of England’s Monetary Policy Committee (MPC) voted twice to increase the standard base interest rate which grew in increments of 0.25% from the historic low of 0.25% to 0.75%. So far this year, the MPC has held the rate steady, but that could be about to change all due to Brexit.

The deadline of 31 October for Brexit is drawing near and there are many opportunities to prepare for the worst while taking advantage of what is available at its best. Homeowners especially are capable of preparing for the possible outcomes after Brexit and securing peace of mind for their financial health. There are remortgage deals unlike any others available before and deals to be grabbed while they can.

The government’s public finances have been impacted by the slowing housing market. According to data released by HM Revenues & Customs, land and property stamp taxes declined in 2018 for the first time in a decade by 7%. Part of the decline is being blamed on the relief offered to first time buyers and the devolution of stamp taxes to Wales. Yet, the HMRC reported that receipts would have declined by nearly 3% despite the changes.

The latest report from Nationwide on UK house prices was released recently and there were two very different data results. For one, in comparison to the same month last year, September 2019 showed growth. It was slight, at 0.1%, but it was growth, which considering the turmoil and uncertainty in the political ring due to the Brexit deadline of 31 October near, any growth would likely be embraced as good news. The other data standout result was that while there was growth in an annual comparison, there was a decline in the month to month comparison with a decline of 0.2% from August to September.