The UK housing market is looking at a flat year of growth according to some close to the market. The concern surrounding Brexit combined with strict lending criteria is placing a number of challenges in front of those thinking about buying and therefore affecting those who are selling as well. In addition to Brexit and lending criteria, high house prices is also quite a deterrent for those thinking of making a move of any kind within the market. Estimates for the year 2019 are for the market to remain flat and not see much growth at all.

First time buyers considering a purchase are holding off as of now and are expected to remain in that position for at least the remainder of the year. This is what the latest report out indicates in regard to activity within the housing market for the months left in 2019.

The report, by the Intermediary Mortgage Lenders Association, highlights the number of first time buyers who have chosen not to purchase property since the year 2008. It is estimated that 5 million of the population would have been ready to purchase a home, but only half that number have chosen to make that commitment so far. That leaves another 2.5 million left to make a first time purchase.

The IMLA report expects to see around £270bn in mortgage lending in the year 2019 which is equal to the amount approved in the year 2018. Remortgage activity is expected to do the same. It has been forecasted in the report that £102bn will be approved within the remortgage sector which is similar to the figure posted in 2018.