There is much talk regarding the short term expectations of the UK housing market. Experts claim house price growth will soar within two years following a sturdy period of stabilisation. Other economists claim millennials are souring over the market and see no opportunities in the coming years due to high prices and low wage growth. And yet others see this as the best time to remortgage based on interest rates and lender competition. Uncertainty remains the predominant theme currently and that will likely not change until negotiations are concluded after the triggering of Article 50.

The challenge of purchasing a property for first time buyers is leading to tough times for many UK millennials looking to grab a spot on the housing ladder. The numbers paint quite the clear picture for those looking to buy their first residence. UK average house prices are increasing at 7.5% and income is growing at under 2%. All this adds up to relying on the bank of Mum and Dad and other family members for a deposit, or just saving and waiting.

A recent report indicates UK house price growth will explode following a couple years of Brexit negotiations. This is quite favourable news for house owners sitting on the fence currently about whether or not to sell a property now or wait until later. By the year 2021, house prices are expected to increase in value by an estimated 24% over today’s prices. For the average home, this is a £52,000 surge in price.

Last year proved to be an active year for the UK housing market. Uncertainty was primarily the feeling throughout the market with many experts not conclusively estimating the next move of the market. A drop in the interest rate kept many house members thinking positively about the possibility of a remortgage. Home construction on the other hand remains behind projections for improvement in the massive shortage which continues to plague the market.

According to mortgage lending brokers across the country, accessibility to funds specific to purchasing property is becoming easier for those in search of funding for a residence. Since lending criteria became more difficult in the middle of 2014 with the Market Review, house hunters have traveled peaks and valleys in search of mortgage lending. Lending is more available now than it has ever been during the last three years, according to data from the Intermediary Mortgage Lenders Association.

As Article 50 is triggered, there is growing uncertainty within the UK housing market. Within the last few weeks inflation as well as other factors have led to fewer transactions occurring within the market, including property purchases, according to housing experts. Major purchases appear to be placed on hold by many concerned with what the short term future within the market looks like.