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Housing Market Showing Signs of Optimism and There Could Be Much More to Come

Housing Market Showing Signs of Optimism and There Could Be Much More to Come

Another report on house prices in the UK revealed growth. The growth could be a surprise to those expecting the delay in Brexit to cause house buyers to stay away, yet it appears that consumers are keen to get on with their lives and that includes achieving the dream of being a home owner. The Office for National Statistics (ONS) reported that the average house prices grew by 0.6% in the year to February.

The growth rate reported by the ONS is the lowest recorded growth since September 2012, but it can’t be overlooked that it was growth and when Brexit was waving heavily on consumers.

London, which saw another drastic decline of 3.8% over the year to February has impacted the overall house price for the UK. It was the deepest decline since during the recession in 2009.

The ONS reported the national average house price is £226,000.

Hopeful home buyers are expected to continue to be optimistic. At the time of the ONS data, Brexit was just over the horizon and had yet to be delayed. Now that it has been put off to October, consumers are likely to try to get back to normal. Also, spring weather is normally a time that boosts the housing market and that, too, could help push home buyers to take action.

Meanwhile, interest rates remain very attractive and more mortgage deals are being offered to help grab the attention of home buyers.

First time buyers are still a bit absent from the housing market and should they decide to come back there could be a boost that brings optimism to those selling homes, moving home, and buying and homeowners as well.

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