UK Housing Market Closes Out Summer with Resilience

UK Housing Market Closes Out Summer with Resilience

The housing market has continued to show resilience despite the warnings from experts of the doom and gloom due to impact it in the lead up to Brexit. The deadline, already postponed once, has left many experts awaiting the market to ice over. Instead, hopeful home buyers have been taking advantage of the unique opportunities of an uncertain situation. With low interest rates and lower asking prices from sellers, home buyers have not been able to resist.

As the deadline of 31 October drew nearer, home buyers were expected to become more cautious, yet the summer saw a boost in sales according to most reports.

The end of summer fared well for the housing market as well, with the last full month of summer, August, revealing a slight increase of 0.3% in house prices from July according to Halifax. House prices were 1.8% higher than August 2018.

The average house price for the UK is now at £233,541.

Managing director of Halifax, Russell Galley, said, “Although the housing market will undoubtedly be influenced by events in the wider economy, it continues to show a degree of resilience for the time being.

“We should also not lose sight of the fact that the single biggest driver of both prices and activity over the longer-term remains the dearth of available properties to meet demand from buyers.”

There could be more resilience to be seen in the housing market as the lending environment has continued to become more competitive as lenders seek to grab the attention of borrowers. More mortgage products, longer fixed terms, and lower interest rates are sure to bring buyers that have been sitting on the fence back to the market.

Obligation Free Remortgage Quotations

Get a Quote »