First time house buyers are finding the current climate in the housing market and lending market to be quite attractive. There are many opportunities for those shopping to buy a home, but perhaps first time buyers are finding the most.

The recently released UK House Price Index from the Land Registry revealed that the UK house prices grew by 0.7% in the year to July. This is down from the reported 1.4% growth for June. It is the lowest annual growth rate reported for the UK housing market since September 2012 which at that time recorded an increase of only 0.4%.

For borrowers the news that interest rates will likely continue to be lower for a bit longer could help them further plan for the future. The uncertainty of Brexit is being blamed for the need to keep interest rates low for the unforeseeable future according to the Bank of England. There was also news that a recession is not likely for 2019, but the UK economy and the global economy are still in question as for what is in store for 2020.

It used to be that homeowners would choose to downsize their home during their later years. Now, fewer are choosing to downsize and are instead staying put and using their built up equity in their property to fund later year expenses. Research reports revealed that fewer people are downsized and instead intend to live in their home throughout their lives without ever moving home.

Homeowners are being encouraged to consider remortgaging. Many homeowners are about to have their mortgage deal end in the month of October. That is a month when experts know that a wide number of homeowners’ current mortgage deals will be ending. Lucky for those homeowners that they are going to have their current mortgage deal end at a time when remortgages are more attractive than they have been all year or in any years past. Yet, those October mortgage ending homeowners aren’t the only ones that can benefit.

Since the start of the economic crisis, the London housing market helped the overall average house price for the UK. There were opportunities present that made the capital attractive to home buyers and investors. However, that hasn’t been the case for over a year as the housing market in London has been slowing down month after month. July data revealed that house prices had fallen for the last 17 successive months.