Housing Market Continues to Surprise with Growth Despite Brexit Delay

Housing Market Continues to Surprise with Growth Despite Brexit Delay

The housing market has continued to surprise experts. Rather than succumbing to the gloom and doom forecast of many experts due to Brexit and then its delay, the housing market has remained resilient. That resiliency could have a lot to do with the continued low interest rates connected to mortgages, lower housing prices, and more assertive home sellers ready to make a deal. First time buyers have in fact been returning to the housing market at levels unexpected.

Miles Shipside, Rightmove analyst, remarked that perhaps home buyers are moving past the worry of Brexit and are looking to realize their own housing needs and dreams to climb the property ladder.

According to Rightmove, the average house price increased 0.1% over last year with London house prices pulling down the average rather than boosting it as had happened during the recession. The average house price was reported at £308,290.

When home buyers discover their dream home they have attractive mortgage choices available to them from lenders. The lending market continues to be competitive and is offering low interest rates on both mortgages and remortgages.

The Help to Buy scheme is ending soon and that, too, is helping home buyers find their way into a new home.

There are warnings that there could be increases by the Bank of England’s Monetary Policy Committee by the end of the year, and if so, then that might also be a push to hopeful home buyers to take action.

There is normally a boost to the market when spring comes and by the close of the second quarter it should be evident that the spring of 2019, while facing unusual factors such as Brexit, might have stayed on a path of growth despite some forecasts and bring in an even stronger summer season.

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