The latest report from Nationwide for August revealed that homebuyers have become more cautious as the Brexit deadline of 31 October nears. The report showed that the average house price fell to £216,096 which is £1,567 less than last month. Experts believe that the market will continue to show signs of weariness in the weeks to come.

A major number of homeowners will have their mortgage deal end in the lead up to the Brexit deadline of 31 October. Once their deal ends they can choose to remortgage or they can choose not to and their lender will move them to the lender’s standard variable rate (SVR). That could be a financial nightmare for homeowners because there are, according to experts, some SVRs that are at an interest rate level of double or more what the homeowners are used to paying.

The mortgage lending pool became one less when Tesco Bank decided to leave the mortgage market. It was recently announced that they sold their entire mortgage book to Lloyds Banking Group in a deal worth £3.8 billion deal. The initial announcement about Tesco Bank abandoning the mortgage lending market came in May. The loss of possible profit margins was the reasoning. It left those with mortgages wondering what would happen and who would become the new owner of their mortgage debt.

The month of September has begun and that puts the Brexit deadline in under sixty days. The 31 October deadline is going to come quickly and with it there will be unique opportunities that will likely be short lived. Because of those unique opportunities, it is expected that there will be surprising boosts to the housing market. There could also be boosts to the lending market as hopeful home buyers seek mortgages and homeowners secure remortgages.

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.