Real evidence of rising house prices over the past decade is now surfacing with indications of a major squeeze on young people and their challenges in buying property. The 18-35 age group has been significantly affected with many within the group seeking out the Bank of Mum and Dad for their initial down payment. House price growth has impacted Millennials in many regions across the country but not nearly as much as in the capital city of London.

There is no secret issue regarding shortage of space within the UK housing market. The problem has persisted for some time and many believe the only way out is to construct more housing. The government is in constant search of an answer to a pressing problem which stands to become a major concern in the coming years. This problem has forced many into rental arrangements with under 35s paying almost half the total UK rental bill.

As the Brexit vote came to a close last year, many close to the housing market had ideas about the short term and long term future. So far an abundance of uncertainty has been hanging about, although some issues have started to come into focus. For one, housing prices are beginning to show signs of decline, especially in London. Second, the amount of construction activity, both residential and commercial, has begun to slow down.

There have now been several months of speculation and uncertainty regarding several issues affecting the housing market. New tax laws, Brexit negotiations, and now the possibility of a hike in the nation’s base interest rate have all combined to create a whirl of new stressors on the everyday resident, regardless of which region they live in. As we arrive at the beginning of the last quarter of the year, many problems persist which are burdening us as well as our family budget. What could possibly breathe new life into our finances before the end of the year? The answer could be as easy as remortgage.

Mortgage lenders were busier in August as home buyers were eager to secure a low interest mortgage before the Bank’s interest rate increases. Experts are expecting an increase by the Bank of England of the standard base interest rate. That could happen as soon as November when the Monetary Policy Committee (MPC) meets again, which also is when the next inflation report is due.

Through years of house price increase and contraction across the UK, one thing has always remained fairly constant – house prices in London. The capital city has seen house price growth skyrocket in recent years and that fact remained until just weeks ago. For the first time in almost a decade, property price growth has hit a wall and stumbled modestly. Between July and September house prices have declined 0.6% compared with the same time last year.