Those seeking to become homeowners in the near future were dealt another damaging blow this week as ONS reported house prices had increased in the previous month. The Office for National Statistics data indicate a 5% rise in house prices occurred in the month of August. The increase pushed the average house price up to £226,000. Property in the north-west of England experienced the biggest increase in house prices, rising more than 6%.

When natural disasters occur it can make residents of an impacted area sit up and take notice of how safe their dwellings truly are, and if they should make changes either by refurbishing a home or by finding property that is more protective. When storm winds hit a region and reach levels that will take down trees and damage structures there will be the need for repairs after the storm moves off. Though Ophelia, a rare eastern Atlantic once hurricane and now a downgraded storm will come in with force to Ireland and then the UK, after she moves off what will remain hidden from the eye is the impact on the housing market.

Many house owners purchased their homes years ago with a SVR mortgage. A Standard Variable Rate mortgage is a loan which many first timers and other home movers prefer when obtaining financing for a home. It is typically in line with the current base rate. It carries with it added risk that it could increase at some point before the mortgage matures. There are some advantages to this type of loan, but most often home movers seek a fixed rate due to its ability to protect them in the future from interest rate hikes.

With the possibility of a hike in the country’s base interest rate, borrowers are now feeling the heat to remortgage into a fixed rate if they have not already. More news of an interest rate increase is sending many to their lender of choice to lock down a new mortgage deal. Some lenders are already pulling some of their best deals in anticipation of a rate hike in the month of November which is just weeks away.

Mortgage lending continues to roll in high numbers as those with maturing mortgages and house movers are taking advantage of low interest rates before a possible hike, according to the latest mortgage lending figures. Figures from the month of August indicate house mortgage lending was stronger compared with the month prior and the same month last year. The future depends on young buyers entering the market and the month of August proved the future is strong, even in the midst of housing market uncertainty.

Results of the Brexit vote last year for the UK to exit the EU surprised many. A vote in which the outcome was certain for most turned out quite different. This has led to uncertainty about the future of many parts of the economy, namely the UK housing market. Those who were planning to sell or buy quickly put their action on hold and are now waiting to see the outcome of Brexit negotiations. In one swift moment of time, everything about the future changed. Unpredictability of events is exactly why many housing specialists are urging house owners to remortgage now.