According to the latest report on the British housing market, house prices grew by the fastest annual rate since the beginning of the year in 2017. In the three months leading up to the end of May, house prices grew by 5.2% in comparison to the same period last year. This comes behind another surprising growth for the three months leading up to the end of April of 5.0%. These figures have come as a surprise to most experts.

The fact that remortgages are popular with homeowners is given to many factors, however a new report by Zoola might better explain it by showing that UK homeowners are more likely to stay put rather than move home. The average across UK that homeowners stay in a home is 20.8 years. In the areas of Kensington and Chelsea, in fact in most of London, homeowners stay put for much longer for an average of 35.5 years. 

British house prices did not pull any top impressions in May. There was growth, but nothing to brag about. House prices increased compared with the same time last year by 0.5%. This followed a 0.6% level of growth from April. In the month to month comparison, therefore, the increase was merely 0.1%. Nationwide data may have shown weak growth, but growth in the shadow of Brexit is still something to be surprised at according to some experts.

Recently released data regarding remortgage approvals within the month of May were slightly lower than many experts expected, but for good reason according to many close to the housing market. Approvals for the month of May fell off pace from the month of April by 2,200, totaling 46,700, according to figures from the Bank of England. The decline is not surprising to many who see this time as favourable due to low interest rates and a competitive lending community.

When the calendar flipped and July was ushered in, more than warmer weather and summer sunshine was ushered in, with it is the knowledge that the last half of 2019 has begun. The days are passing by and we are drawing nearer to the second Brexit deadline and the shadow of uncertainty that covered the UK economy in the beginning of the year. There are warnings of higher interest rates to come, and possibly a tightening of lending.

Demand for remortgaging has been strong in the past months. Homeowners are keen to take advantage of the opportunities available. Yet there are many that while wanting to remortgage are not capable of doing so. They can’t qualify and therefore they can’t secure a new deal.