The housing market may be feeling the weight of Brexit finally. There are signs in the recent collected data on the market that is revealing a slowdown. It may have been a one off, but it could be the start of a stalling that could last until after the beginning of next year according to some experts. Then again, the housing market could surprise once again and show resilience as it has in months past.

Some areas of the UK have deep house price declines in comparison to others. London is suffering the most. House prices in the capital have been declining for years. Much of the decline is blamed on overpricing and inflation of property prices. With prices out of reach of buyers and investors overly cautious, it makes for a difficult London housing market. Yet, in areas of the east Midlands and the east of England house prices are showing growth.

In the year to year comparison for England, the Office for National Statistics (ONS) reported in their latest data that the average growth of house prices slowed to the smallest level in years with only an overall growth of 0.9%. The average UK house price was reported to be £230,000 in June. This is close to £2,000 higher than one year ago.

As Brexit draws near to the deadline of 31 October, many experts are forecasting a cooling off of the market, but there are many factors that could see the housing market remain steady and even perhaps see a boost. One of those factors is that mortgage and remortgage lenders are becoming more competitive. They are bringing out attractive low interest rate products and many with long term fixed rates. Along with low interest rates, there could be an overhaul to the stamp duty in early October that will give another reason to home buyers to come back to the market.