UK housing market experts predicted house price growth coming into the New Year would be quite slow at about 1% for the year. This trend had been forecasted in December by seeing the yearly slow down which occurred during the month and the soft purchasing season during the holidays. The housing market is typically quiet in December and 2017 proved that once again. But January house price growth, according to Nationwide, increased month on month by 0.6%.

The UK housing market is now seeing discounts up to 10% on achieved prices of property for sale in London, according to recent Hometrack figures. House price growth has slowed in the capital city and now the gap is widening between asking and achieved prices. The market has been in a cool off mode since early fall of last year and the temperature continues to drop, according to housing experts.

Gross mortgage lending increased during the month of December. Activity remained high across many sectors out of low interest rates and heavy lender competition. The last month of the fourth quarter posted more than £20billion in gross mortgage lending which is a year on year increase of 1.2%. Housing experts were caught off guard by the increase in lending due to past quiet months which typically characterize the last month of the year in housing.

The dream of owning property starts early in the lives of most people. Buying a flat is the official declaration of independence and the start of living a life paying bills and going to a job each day. Last year a wave of first time buying took place which rivaled that of the year 2007. In that year, a total of 359,900 first timers purchased property. Last year a total of 359,000 residents made purchases of property for the first time, according to Halifax.

The base of the first time buyer sits at the core of the strength of the next decade within the UK housing market. Being able to reach the first rung on the ladder means moving typically from the house of mum and dad to a flat of their own. Many times this cannot be done without some financial assistance from friends and family, and today it is even more difficult. House price growth in the past decade has been extreme and many have been priced out of the market. There are however, areas which are still affordable for first timers.

Many housing experts have been uncertain about what the future holds for the UK housing market since the Brexit vote resulting in the UK exiting from the EU. Negotiations are still taking place which many expect will affect the housing market in some fashion. Through the last several months, the market has proven itself to be resilient and at the same time quite giving, especially to home owners looking to get ahead.