First there was the financial crisis, the recession, the double recession and falling interest rates to historical levels. Borrowing became so cheap it made more sense to borrow in most cases than to sit on your hands and do nothing. Then came Brexit, and most recently the Bank of England’s Monetary Policy Committee (MPC) voted to increase the standard base interest rate for the first time in a decade.

The housing market has taken a shift in the waves of the previous years. Despite the fact that all of the areas of England and Wales suffered falling house prices, London remained strong and in some instances growth was so strong in the capital that the average house price showed growth for all of England when most areas were reporting declines. Now, other areas are showing strength in their housing markets and London is correcting as house prices fall and fall and fall.

The housing market is proving to be surprising and moving against what experts forecast. Rather than a deep fall in the market following the Brexit vote, the market showed resilience as hopeful home buyers took advantage of the circumstances and both shopped and bought against expectations. The housing market remained steady in the face of the unknown.

Home buyers are facing a tight housing market due to a lack of new properties coming into the market. While demand remains strong, home sellers are becoming more aggressive and are dropping asking prices. This is keeping the market moving despite a lack of supply.

First time buyers have now been granted a drop in the stamp duty, another reason to keep interested in dreams of owning a home.

Meanwhile homeowners continue to find the environment positive and encouraging. As house prices remain strong equity continues to build which increases the value of their investment and offers the possibility of turning some of it into cash if so desired with a remortgage. Interest rates though increased are still very affordable and making a remortgage an option that is perhaps more attractive than any other time this year.

Experts are divided on the housing market, because it proves to be able to move against the norms of history. This is indeed a new and unusual time, and fears always abound in the unknown, but one thing the UK housing market is proving over and over again is that the dream to own a home remains strong and that will keep things positive for buyers and owners alike.