The housing market is evolving. Consumer behavior in the market used to be predictable. First time home buyers bought the least expensive properties on the market to start. The buyers were professional singles, couples yet to start a family, and in some cases small families with younger children. As these families required more room to grow, they moved home and upgraded to a larger property. This left a starter home available for another first time buyer or perhaps a person or couple entering the pension years in search of a downgrade.

Buyers moved up the property ladder and years later downward. The activity kept the market moving and while there were exceptions, the overall predictability was there.

Now there are factors at play that are changing the market. First time buyers according to a recent report are looking past the usual starter flats and are instead opting for a three bedroom home considered to be a next step on the property ladder and not the first. The reason for this is that the opportunity to buy such a property is within reach and also first time buyers are older on the average. Perhaps they aren’t seeking a property to grow out of, but are already in need of plenty of room for their established family.

Homeowners that would before have sought to move home are instead staying put. Rather than shopping around for another property, they are updating and upgrading their current home. They are adding value to the property and seeing their investment grow.

Another reason they are staying put is the lack of new properties coming onto the market that meet their needs. Rather than wait it out, they are expanding their own property.

With low interest remortgages packaged into long term fixed rates, the opportunity to borrow, save money on repayments, and invest built up equity back into the property is worth seriously considering.

It was thought that Brexit would bring about a totally frozen and chilled housing market, yet hopeful home buyers were not deterred. The market has remained resilient, and as it has new trends are emerging as the home buyers and homeowners adapt to a new normal and weather any new uncertainty that arises in the economy.