The housing market in Britain is likely going into a stall as the uncertainty surrounding the Brexit vote continues. Buyers are expected to be holding off on making any purchases and that will certainly spill over into the lending market which will have fewer customers knocking at their door. However, homeowners are expected to still show up for the low interest rates being offered from lenders for remortgage deals.

Nationwide reported a slowing of the average housing price growth to a nine month low this week.

Experts are suggesting that there will be a marked decline in the demand from buyers over the next few months until things are ironed out in the confused state surrounding Brexit. No one is forecasting a major shift in the average housing price, but growth will likely come to a halt or slowdown from the pace seen at the beginning of the year. Yet, there is still interest from investors, and there are those buyers hoping to take advantage of the current low interest rates accompanying mortgage deals.

Consumers are expected to be cautious and that includes buying a new house. Yet, for those first time buyers that have been actively shopping and seeking to get a mortgage approval, they are not likely to switch off their dream of climbing onto the property ladder. It’s a hard and long climb for first time buyers and despite the Brexit vote they will likely take advantage of the opportunities in front of them rather than pushing them aside.

Next week when the Monetary Policy Committee (MPC) meets for their monthly meeting, the tone and discussion of the minutes will be closely studied. What evolves from now until then is unknown as this is new territory and we have yet to travel through it. However, currently little has changed for borrowers, buyers, or for the homeowners seeking a remortgage, so for those keen to make the most of the attractive opportunities from lenders, it may be worth noting that the Brexit hasn’t had a major impact yet.