The housing market has remained resilient despite the worry of Brexit and the impact it could have on the economy. Home buyers haven’t been scared off as they discover low interest rate mortgages and home sellers willing to make a deal with more attractive asking prices. According to Halifax, in June the average house price increased by 0.3%.

Experts believe that the housing market could offer even more positive surprises if only there were more properties to come onto the market. There has been a low supply of available homes for sale and that has restrained buyers. The supply has been so low as to put only about 40 homes for sale on each estate agent’s books.

In comparing the three months to June from this year to last, there was an increase of 5.7% in the average house price which reached £237,110 in June.

Halifax reported, “Near term expectations remain subdued but sentiment on the longer term outlook for sales and prices signals modest recovery further out.”

Noted economist, Howard Archer, the chief economic adviser at EY Item Club remarked, “There are signs that housing market activity may have got a little help from the avoidance of a disruptive Brexit at the end of March, but the overall benefit looks to have been limited.

“Improved consumer purchasing power and robust employment growth has also recently been helpful for the housing market but this has recently shown some signs of levelling off.

“Consequently, we suspect house prices will rise only around 1.5% over 2019 on most measures.”