The most recent data report from Halifax has been released and has shown that UK house price growth is at the slowest rate in six years. Due to Brexit uncertainty the housing market isn’t expected to show much change in the months ahead. Even with the market being favorable to first time buyers, experts believe caution has taken hold and until the 31 October Brexit deadline has come and gone uncertainty will be powering the actions of buyers.

The Halifax average house price declined from August to September by 0.4% bringing the average to £232,574. This marks the first decline since May. In the three months to September house prices rose by 0.4%. This is a slight increase from the 0.1% recorded for the three months to August.

The annual comparison revealed the smallest annual gain since April 2013.

Howard Archer, the chief economic advisor to EY Item club forecasting group, noted that the housing market could show 2% growth in 2020 if the UK leaves the EU with an agreement by the end of October deadline or at least by early next year. Without a deal, house prices are expected to drop quickly as the housing market will likely take a big hit from such a Brexit outcome.

There is still some chance that hopeful home buyers could take advantage of low interest rates, fixed rate deals with terms unseen in years past, and lower asking prices from anxious sellers ready to make a deal. In months past home buyers surprised the experts and showed resilience in the shadow of Brexit. It could very well happen again.