Homeowners have a lot of benefits available to them with remortgages and that is why the demand for them has continued to be strong. According to data released by LMS in their Monthly Remortgage Snapshot, remortgaging has been close to a 12 month high. In May there was a high of 54,624 in remortgage volume and in June there was a slight decline to 53,516 remortgages reported.

House prices in London are continuing to adjust downward. What is a homeowner in the capital or even outside of it to think? How does this eventually impact homeowners as well as home buyers? Are the falling house prices a natural correction and a good thing overall or is it a warning of gloom and doom for the housing market?

The Bank of England offered up a lot of new economic information on Thursday. The most notable is that they cut their forecast for UK growth over the next two years and warned that their forecast could be impacted by whether there was a deal or no deal for Brexit. The economy is now forecasted to grow by 1.3% for 2019, which is a mark down from the previous projection offered earlier this year in May of 1.5%.

This morning the Bank of England’s Monetary Policy Committee (MPC) will meet to discuss the state of the economy and determine what to do with the standard base rate. Most of the economists that have forecasted agree that the rate this month will remain unchanged. The rate is now at 0.75% and it will remain so if the majority of the committee votes to keep it steady.

Homeowners are being encouraged to seek out a remortgage when their current mortgage deal ends. In fact, that encouragement is so strong that homeowners should actually begin shopping for a remortgage long before their mortgage term ends. The time to shop for a remortgage is now because lenders are competitive for the attention of borrowers and interest rates are low.

Brexit is on the horizon and as summer slips away and autumn draws near, everyone is asking what will happen to the housing market. Perhaps it isn’t that hard to predict, despite all of the unknowns. The market is currently holding its own against the forecasts of doom and gloom. It seems that few took into consideration that there are hopeful home buyers that see the current state of things as nothing more than an opportunity to take advantage of and realize their dream of becoming a homeowner.