Strongest Turn Up of Home Buyers to Housing Market in Decades Surprises Experts

Strongest Turn Up of Home Buyers to Housing Market in Decades Surprises Experts

It is easy to imagine that those looking closely at the housing market stood with mouths wide open in surprise when the data for February from Halifax was reviewed. How could the forecasts that predicted gloom and doom for the housing market on the cusp of Brexit actually turn out to reveal the largest monthly increase since 1983? More than £13,000 in value was added to the average home in only a 28 day period of February.

It is hard for experts to argue that there is a chill coming over the housing market when there is a 5.9% monthly increase in the average house price from January to February. Perhaps those forecasting the data did not consider the fact that consumers have become more resilient and are still at work moving forward on their own personal goals and dreams versus basing their spending behaviors on economic forecasts.

The last economic financial crisis was long and hard and it toughened up consumers. Those consumers are individually facing the current environment of low interest rates, competitive lenders, and aggressive home sellers looking to make a deal. Those factors bundled together makes the market look attractive to the individual hopeful house buyer versus the never ending forecast of negativity.

It is possible that more surprises are ahead for the housing market as well as the lending market, including that of remortgaging.

Homeowners are expected to push up demand for remortgages slightly. There, too, surprises could appear as remortgages are perhaps too good to be true presently and homeowners might take advantage of the opportunities that exist in much larger numbers. The current economic environment coupled with the individual looking to make the most of what is out there for their needs might finally see homeowners leaving behind their current standard variable rate (SVR) mortgages for something better and more secure in a remortgage.

After all, it came as a complete surprise that Halifax would reveal the average house price in February would be £236,800.

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