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.

The UK mortgage lending market has had a boost in the middle of summer. Not just the usual summer boost, but one unexpected, especially in the lead up to Brexit. Not only is the boost surprising, but it is substantial at a time when experts would have been validated had the market been cooled off or chilled due to the factors at play with uncertainty in the future economy. UK Finance’s report, the Household Finance Update, revealed that mortgage approvals in July were 16.4% higher than the same month last year. Remortgage lending saw an even higher increase at 19.4%.

The current housing market coupled with the low fixed interest rates at long terms being offered by lenders is turning out to be too good a situation for hopeful home buyers to ignore. Add in lower asking prices and aggressive sellers wanting to make a deal and it makes the current market for buyers exceptionally nice. It could get even nicer should the stamp duty get overhauled as expected at the start of October.