The current housing market coupled with the low fixed interest rates at long terms being offered by lenders is turning out to be too good a situation for hopeful home buyers to ignore. Add in lower asking prices and aggressive sellers wanting to make a deal and it makes the current market for buyers exceptionally nice. It could get even nicer should the stamp duty get overhauled as expected at the start of October.

Pushing up the threshold at which a stamp duty is required on a purchased property or lowering the tax due on properties purchased, especially those in the range of first time buyers could provide an opportunity that will bring about a major boost to the housing market. Such a change to the stamp duty could occur just weeks before the Brexit deadline of 31 October.

A boost to the housing market would be good news for a no-deal or deal Brexit. It could keep those that have borrowed to the limit of their property’s value, such as those that put down a very small deposit, to possibly escape their mortgage going underwater as happened during the previous recession. That is a situation in which the value of the property declines below the level of the loan due on the property.

A boost to the housing market during the weeks leading up to Brexit and beyond would bring confidence to those expecting a doom and gloom situation. The housing market is a major sector of the UK economy and a strong, if only steady, housing market could hold things together while other markets recover should they need to do so.

The boost is expected because despite the negative expectations for the housing market at the beginning of our journey with Brexit, hopeful home buyers turned out to be more concerned with their personal needs than the forecasts from experts. The housing market was resilient and continues to surprise those that discount the desires of those wishing to get on the property ladder. Today’s housing market and lending market has brought too much to the table to ignore, and buyers are proving that such deals are worth the step of faith at a time of uncertainty.