Housing Market Did Not Miss Out on the Summer Boost Despite Brexit
The housing market usually benefits from a boost brought on by the summer season. People are more optimistic as the weather turns sunny and warm. They have more daylight hours to shop around and discover properties. It is a time to make changes and look forward into the future and that means taking the jump onto the property ladder. In the lead up to Brexit, it appears that the housing market still benefitted from a summer boost.
It will be a bit longer before the housing market data for the entire summer is reported. Yet, there are signs that the housing market is busy. It is also evident that there are factors at play that should be attracting home buyers, including first time buyers.
Those same factors will be at play throughout the beginning of autumn, such as low interest rates, long term fixed rate mortgages, and lower asking prices from home sellers. In fact, some lenders have brought out long term rates in 10, 20, and 30 year fixed rate mortgages. Being able to secure a low interest rate for such a long term and protect against rising rates in the months and years ahead is an opportunity that many cannot resist.
At the start of October, there could be an overhaul to the stamp duty and that should make buying a home even more affordable.
The housing market has proved to be resilient throughout the year and with the expected boost in summer and more to come in autumn, it should do just as good even though Brexit is closing in on the deadline of 31 October.