Forecasts for a strong finish to the year 2018 are falling off due to the possibility of a no-deal Brexit. A group of economists known as the EY Item Club is the only non-government collection of economists to use the Treasury modelling of the economy in its forecasting. The group is estimating the economy will finish the year with little chance of recovery due to the strong possibility of a no-deal Brexit.

Forecast from the EY Item Club states the economy will finish the year 2018 with overall growth of 1.3% which is the worst conclusion to a year in growth terms since the economic collapse of 2008.

The forecast from the club for next year if there was a smooth Brexit deal has been stated to be 1.5%. This has been downgraded from its initial forecast of 1.6%. Many economists have noted the possibility for significant growth is probable with a smooth Brexit deal. Others have called for a chance of dire consequences within the UK economy if Brexit does not move through smoothly.

This uncertainty is having quite an impact on the housing market. House owners looking to sell as well as investors looking to potentially purchase property for buy to let are practicing extreme caution in a market which is hungry for transactions. The overall sentiment within the market is caution and wait for tomorrow.

Remortgage activity however is booming. Lenders are offering attractive deals with low rates and a massive number of incentives to house owners who have not remortgaged to today. Experts suggest scooping up a low, fixed rate deal remortgage before banks and other lending institutions cannot offer low interest rates any longer.