The latest report from Nationwide on UK house prices was released recently and there were two very different data results. For one, in comparison to the same month last year, September 2019 showed growth. It was slight, at 0.1%, but it was growth, which considering the turmoil and uncertainty in the political ring due to the Brexit deadline of 31 October near, any growth would likely be embraced as good news. The other data standout result was that while there was growth in an annual comparison, there was a decline in the month to month comparison with a decline of 0.2% from August to September.

The bulk of headlines centered on the data point that September showed a decline.

The average house price value is now at £215,532.

Certainly caution could have set upon the housing market. Hopeful home buyers may be getting cold feet rather than choosing to jump in the water and make a major purchase with the Brexit uncertainty.

It could also be that hopeful home buyers are waiting out an even better opportunity, because while there are ample ones to take advantage of currently, there are hints that those opportunities could grow even better.

There had been a lot of talk about an overhaul to the stamp duty to stimulate the housing market. Waiting out a change to the stamp duty could put more money into the pockets of home buyers. That extra money could make up a bigger deposit, or it could allow the purchase of a more valuable home than could currently be purchased.

While asking prices for properties coming onto the market have dropped, it is expected that more declines in asking prices are on the way. Home sellers are also expected to get more assertive in making a deal to get a buy. With sellers in the market expecting to become more likely to bargain with a buyer, waiting out the market could be a strategy for some buyers.

Then there is the competitive lending market. Lenders are competing for attention from borrowers. Interest prices have dropped, and some are offering their most historically low interest rate ever on mortgages. Mortgage and remortgage products have been very creative, with one lender offering a 100% loan to value with a saving deposit to an account made fairly equal to the needed deposit by a relative of the buyer. The relative puts money into a savings account and the buyer can purchase without a deposit and without spending the relative’s money.

With low interest rates, long fixed terms available, and creative products being offered, it is a great time for property buyers or homeowners to go shopping for a lending deal. However, there is a lot of speculation that interest rates might be dropped by the Bank of England and lenders would then offer even lower interest rates than currently available. With those whispers of even better deals from lenders, holding off for a few weeks to get a better deal from the lenders, a better deal from the home seller, and a savings on the stamp duty might be a smart strategy that hopeful home buyers are making.

Maybe it isn’t so much fear and caution, but smart strategy in an uncertain economy. Maybe the decline in the house prices isn’t really revealing something so dire at all, but the coming of a reversal once the opportunities buyers are waiting for appear.