In another surprising report, the UK housing market has shown resilience with growth in the average house price for April. According to Halifax, the average house price increased by 1.1% which is a rebound from the decline reported for March of 1.25%. Since March was the expected date for Brexit and April followed the postponement, it could be that consumers were encouraged despite the put off of Brexit until autumn.

Homeowners are, according to lending experts, expected to show strong demand for remortgage products in the coming weeks and months. The reasons for remortgaging are many, but perhaps the biggest is to secure a low interest rate. There could be another increase in the Bank of England’s standard interest rate this year. If so, it will mean that without a remortgage homeowners could end up paying more than they have to for their property loan.

The Bank of England has taken into consideration the extension of Brexit and the impact it will have on the housing market. It has released a change in the forecast of the average house price for 2019 to decline by 1.25%. The change is different from the previous forecast of growth by at least 0.25% for the year made in February.

The uncertainty with Brexit could be soon coming to a conclusion. What is expected next from the housing market in many opinions is positive for some sectors, especially remortgage. The key to this enthusiasm lies in what took place two years ago for those who purchased a residence and obtained a mortgage loan for that property. The base rate at that time was 0.25% and had not seen an increase for many years. What property buyers found as they applied for loans was attractive two year fixed deals with low interest rates.

The previous two years have been quite uncertain within the UK housing market due to Brexit and the historic vote to leave the EU. It has created some doubt in decision making and property owners are still on the fence regarding some major steps moving forward. Recent economic figures demonstrate the hesitation is continuing. Data from the month of March indicates housing mortgage approvals fell 3,000 from the month prior.

The strong selling season of summer is quickly approaching and many property owners are sitting on the fence once again regarding the decision to sell and move home or consider  remortgage and stay. Brexit along with some fundamental changes within the market have created a climate of concern and even stress. The summer selling season will likely not be filled with activity as has been the case in years’ past, according to some housing experts, but remortgage is expected to remain strong, even until the end of the year.