Recent data regarding struggles in the UK housing market points in one direction in the opinions of many close to the market – Brexit. Housing market data which represents less than favourable climate conditions has now been made public by the Royal Institution of Chartered Surveyors, or RICS. Falling property prices and fewer overall buyers highlights the findings of RICS. Their research also unveiled another issue which is extended times for completing sales transactions.

House price growth over the past six years has been described as spectacular by some close to the UK housing market. House owners have enjoyed higher value of the homes they are living in for some time. The same cannot be said of wage growth over the same period. This has created an imbalance between first time, young buyers and the market which they want to be a part of. It has also however highlighted the value in buy to let, which continues to grow in demand despite stellar property price growth.

Traits of being young include having hope, feeling like endless possibilities lie ahead, and the future holds numerous opportunities. Those residing in the young category of today in search of housing are facing a challenge unlike any in the past. House prices which are out of reach plague the group which is looking for a way to reach the first rung of the property ladder. According to ongoing data, house prices have increased more than 170% over the past 21 years.

Many UK homeowners could be paying more for their mortgage than necessary. In less than a year’s time, the Bank of England’s Monetary Policy Committee (MPC) has raised the standard base interest rate three times the amount than this time last year. With two increases, the rate has gone from an historic low of 0.25% to 0.75%, which could amount to a major outgoing expense in the family budget for many homeowners.

The whisper of low interest rates coming to an end across the country is beginning. Lenders are hiking interest rates now to adjust to the latest increase in the base rate. House owners everywhere are seeing higher rates connected with deals and pushing forward quickly to make sure they are locked in before transitioning to the lender standard variable rate. Housing experts are urging those who have not made a change yet to a fixed rate remortgage to do so before it is too late.

UK housing price growth is falling. During the month of September the market posted the highest level of decreasing house prices seen in the past six months, according to Halifax. The number of houses available on the market for purchase has also fallen to a level not seen since the economic collapse of 2008. House price growth is tied completely to demand with other factors having minimal influence. Brexit uncertainty is being blamed for the sluggish climate which now exists in the housing market.