The UK housing market has the attention of many. Not only home buyers, home sellers, landlords, and those within the industry, but homeowners as well. With continued interest in the housing market, homeowners can be assured that they will have steady increases in the value of their properties. This increase and stability in built up equity can assist in getting remortgages, and it could put cash into hand with an equity cash release remortgage.

The UK housing market has become the hero throughout many of the past economic hurdles. Not only did it survive and surpass expectations throughout the many years of Brexit and helped hold up the economy within the UK, but it has once again proved to be resilient in the midst of a global pandemic. It would suffice to say that home ownership is still an important part of the UK lifestyle. 

At almost the one year mark of the pandemic taking a strong grip on the UK economy, the housing market has proven that the dream to be a homeowner is strong and well. Despite the lack of confidence by experts that the housing market would be resilient yet again, especially after the years of dealing with Brexit, home buyers did not waiver. March 2021 marked a record high in house prices with the increase over the same time last year being 6.5%.

The UK house price declined a bit in March. It was expected that there might be a slowdown in the market in March due to the stamp duty holiday deadline looming on 31 March. Most had already rushed to buy to beat the deadline. A slowdown was forecasted. It occurred, and the average house price declined, but not by much. The average house price fell by 0.2% in March.

The remortgage lending market could see higher demand in the coming months for a very different kind of reason than expected. The low interest rates and higher loan to value (LTV) levels are expected to keep interest in remortgaging, but another reason for more remortgages being approved could be that homeowners will be forced to stay put as the housing market’s supply grows incredibly thin. Home movers will likely find it difficult to find or afford their dream home among the properties on the market and will be forced to stay where they are and make the most of their current dwelling.

Following the March Budget, consumer confidence has risen according to the latest report from the Building Societies Association (BSA). Out of over 2,000 adults polled for the survey, 37% reported that it is a good time to buy property, which is up from the 27% reported in December. The extension of the stamp duty holiday from the original deadline of 31 March to the end of June is expected to keep hopeful home buyers interested in the housing market. The deadline extension was announced during the March Budget.