The UK housing market saw house prices increase slightly in the month of August. Compared with the same month last year, house prices increased 3.7%. Prices increased 0.1% over July and settled to an average of £229,958, according to recent Halifax data. Prices from June to August had also indicated an increase in prices of almost 2% over the previous quarter. House prices are expected to increase this year an average of 1-3% in the opinion of many housing experts.

House prices have been on quite a steep growth trajectory for months. This growth is not expected to continue this year. Supply did not increase much during the month of August which affected house price growth. Experts see the low amount of new houses added to market as some of the reason for slow movement in house prices.

Wage growth is another factor leading to slow house price growth. Wage growth has been lagging and is making a slow comeback to making a difference. Unemployment growth remains low which also affected house prices in August.

Uncertainty regarding Brexit and negotiation results are still looming and remain the most relevant influence on the market and decisions made by those within the market.

Housing market experts see the current tone of the market as one which is full of promise, even though tomorrow could be impact from uncertainty, especially the uncertainty revolving Brexit. Experts see this market as one which should be counted on for a promising future as well as a place to invest trust in the possibility of a strong future.