Following the Brexit vote there was an expectation that the housing market would tank heavily. Warnings were abundant that a decline was eminent, and yet the UK housing market has held strongly. There have been signs of a slowdown, but nothing to the extent that was warned. That is good news for all involved in the housing market and good news for the UK economy, as the housing market is an integral part of a healthy economy.

The Royal Institution of Chartered Surveyors (RICS) reported a net increase in buyer inquires in September and that was the first time since February. This shows that hopeful homebuyers, especially first time buyers, are looking at this as an opportunity to climb upon the property ladder.

If indeed first time buyers show up to the market they will find home sellers more aggressive to make a deal and lenders handing out historically low interest rates on mortgages. Perhaps there hasn’t been a better time for first timers to return to the housing market.

Homeowners are also benefitting as lenders are offering just as attractive remortgage deals, again with historically cheap interest rates.

Currently it is expected that next year’s housing market will perform weaker than in 2016, but there will still be growth. Only the London housing market it expected to slip and that trend has already begun.

Still the housing market is expected to hold onto growth next year, though not as strongly seen in 2015 and 2016, due to post-Brexit consumer caution and associated economic factors.