The UK housing market has sustained many challenges in its past and Brexit negotiations are proving once again that the market can be resilient and carry on. Many housing experts see the negotiations as the stumbling block to growth currently resulting in uncertainty and questions about what direction the market is heading. Many sectors continue to flourish, although housing price growth has cooled off considerably.

Despite cooling house price growth, remortgage remains a beacon of light for the market as many house owners are finding favourable deals from well-known lenders. Interest rates are low, administration fees are competitive, and lenders have devised packages to fit any financial situation.

Housing experts believe this is a time in which many are pausing with major decisions in arrival of what will likely define the market for years to come. There is however, a current air of uncertainty hovering which is palatable.

Housing price growth is under the microscope daily and will continue to describe the current mood of the market.

Samuel Tombs with Pantheon Macroeconomics commented on the impact Brexit negotiations play on the housing market, saying:  “It’s not just a question of how many financial-services jobs will move, but also associated professions such as legal services. We see UK home values rising 1.5 per cent in 2017 but London will underperform, given what we have seen so far this year. It’s not the disaster that some were predicting and we expect London home values to remain stable but not fall over the next year.”

Tombs added: “The market will remain this way until we get clarity on what sort of Brexit the UK will have; that won’t be anytime soon as it’s in the EU’s interest to drag out negotiations. It’s clear that Brexit is adversely affecting the UK economy whereas Europe’s is steaming ahead. It will take until March 2019 to get that clarity and until then the housing market will continue to struggle, with the London market bearing the brunt of it.”