The latest report from the Office of National Statistics (ONS) has been released. The data reveals that UK house prices increased in the year to July at a slower rate than any other time since September 2012. The growth amounted to 0.7%. It was noted that property sales were still very slow in London. Once helping the overall UK housing market data due to the robust sales in the capital, the chilling off of the market definitely impacts now in the opposite direction.

The average house price in the UK is now at £233,000.

The housing market in other reports revealed that home buyers were taking advantage of the opportunities presented to them within the uncertainty of Brexit. Lower interest rates and more aggressive property sellers anxious to get a sale before the Brexit deadline of 31 October by lowering asking prices helped keep the attention of hopeful home buyers.

The opportunities have only continued to grow for home buyers. Some lenders have cut their interest rates to the lowest mortgage interest rates they have ever offered. In addition, there are now longer terms to be found with some at term levels of 10, 20 and even 30 years.

There is a possibility of the stamp duty getting an overhaul in the beginning of October. Such a change would make buying a home cheaper and that could help keep first time buyers in the market. It might also bring back buyers and investors in the more expensive properties which have been slow to sell and kept the market from having a major summer boost.

Should factors keep coming into play that make it difficult for home shoppers to stay on the fence with caution, perhaps an autumn boost in the market will occur and that could help ease fears as the Brexit deadline draws near.