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.

The impact of the deadline of Brexit, 31 October, drawing nearer is becoming more obvious. Data is revealing that caution is growing despite the strong resilience shown by consumers. Even the hopeful home buyers that have shown strong resilience against the doom and gloom forecasts for the housing market have stayed focused and taken advantage of opportunities to climb onto the property ladder. Those opportunities are extended to homeowners and yet many are sitting idle and experts advise that they could miss out if they wait much longer to take action for a remortgage.

Perhaps there couldn’t be a better time for a homeowner to have their mortgage term coming to an end. Yes, even with Brexit looming in the horizon only weeks away with the deadline of 31 October homeowners are entering an opportunistic lending market. Remortgage lending is competitive, there is an ease in lending, lenders are offering creative products, interest rates from some lenders are at historic lows, and terms available are longer than seen in decades. Savings and benefits for years to come are to be discovered by the homeowner keen to take advantage.

The latest report from the Office of National Statistics (ONS) has been released. The data reveals that UK house prices increased in the year to July at a slower rate than any other time since September 2012. The growth amounted to 0.7%. It was noted that property sales were still very slow in London. Once helping the overall UK housing market data due to the robust sales in the capital, the chilling off of the market definitely impacts now in the opposite direction.

A new report referencing the housing market appears to show that caution could be setting in as Brexit uncertainty looms over the UK. The deadline for Brexit is 31 October, and since the Brexit vote in summer of 2016, doom and gloom forecasts for the housing market have not ceased. It doesn’t mean, however, that the forecasts have panned out to be correct. Month after month data showed a resilience in the housing market as hopeful home buyers took advantage of opportunities and pushed caution and worry aside.

The housing market is evolving. Consumer behavior in the market used to be predictable. First time home buyers bought the least expensive properties on the market to start. The buyers were professional singles, couples yet to start a family, and in some cases small families with younger children. As these families required more room to grow, they moved home and upgraded to a larger property. This left a starter home available for another first time buyer or perhaps a person or couple entering the pension years in search of a downgrade.