Prior to the onslaught of the holiday demands hopeful home buyers closed deals and pushed up the average annual house price for the year to November. According to the latest data from HM Land Registry and Office for National Statistics (ONS), there was an increase of 5.1% to £226,071. The annual growth rate slowed from the middle of 2016, but remained relatively steady and around 5% during 2017.

House prices rose in most UK areas in the month of November, but in the capital there was a decline of £4,000. London prices have remained sluggish and declines are being viewed by experts not as a weakness in the housing market but as a natural correction. London house sales were consistently growing in the last few years, even when all other areas were seeing declines, even around the height of the recession.

The housing market has remained resistant to the expectations of many experts that had foretold of a weakening market due to the Brexit vote and progression.

Inflation has impacted consumers and that could be tearing at their confidence in making major purchases such as property. However, continued low interest rates and lower deposit requirements have helped keep interest in the housing market strong. First time buyers have been given a break in their stamp duty for the first few months of the year and that, too, is a benefit keeping eyes on the housing market.

Homeowners are benefitting with equity growth and some are using that to secure better remortgage deals, although almost any homeowner could find an attractive remortgage being offered. Lower interest rates, competitive lenders, and the warning of rising rates in the coming year are keeping homeowners alert as well.