This isn’t the first go-round with a Brexit deadline for the one set for 31 October is actually the second one after the first was postponed. However, it is coming up under leadership that is determined to make it happen, deal or no deal with the European Union (EU). That makes things different for many sectors of the economy, including the housing market.
Homeowners have been seeking remortgages in the lead up to Brexit. Of those remortgages, fixed rates are the most popular according to numerous reports. UK Finance reported that those remortgaging for only their outstanding balance on their loan declined in volume in comparison to those doing the same last year. There was an increase in the number of homeowners that chose to remortgage with additional borrowing.
Homeowners have been showing high demand for remortgaging. Perhaps there is no better time to take action and get peace of mind than the weeks leading up to the Brexit deadline on 31 October. Yet, not every homeowner can easily secure a new deal and many have complicated situations that require special attention. It is in these situations where a remortgage broker could be the solution to the problems many homeowners encounter.
The countdown to Brexit has begun and while all markets are showing an impact of the anticipation of a deal or no-deal Brexit, perhaps the lending market is the most obvious. Lenders are becoming more competitive in the lead up to the deadline. The reason is because borrowers are expected to turn out in strong numbers to take advantage of opportunities to secure a low interest rate remortgage or mortgage.
The current government report on the housing market revealed that UK house prices rose in the twelve months to June 2019 by 0.9%. It held steady and was unchanged from May. There were, however, fewer transactions between buyer and sellers when compared to June of last year. The drop in transactions was 16.5% and there was a 9.7% decrease from May 2019 to June 2019.
According to a recent report, home sellers are becoming more aggressive to find buyers by lowering their asking prices and it might be working because home buyers are finding properties worth buying in their price range. Home sellers and home buyers are coming together to bring a final boost to the property market according to the website Rightmove, which is an online property lister.