Economics and the family budget play a bigger part in today’s world than ever before. Families are constantly attempting to find ways to save money and put back savings as a way to protect their pension years. Monthly mortgage payments are a big part of the family budget and outgoings. It often accounts for more than 50% of the family income which makes affording life necessities and saving quite a challenge. Interest rates play an important role in what comprises a monthly mortgage payment. Although this has always been true, a recent study discovered many property owners do not actually know the interest rate they are paying on lending.

Forecasts for a strong finish to the year 2018 are falling off due to the possibility of a no-deal Brexit. A group of economists known as the EY Item Club is the only non-government collection of economists to use the Treasury modelling of the economy in its forecasting. The group is estimating the economy will finish the year with little chance of recovery due to the strong possibility of a no-deal Brexit.

Uncertainty has ruled the UK housing market for several months now and the predominant thought by most house owners is what do I do to create a more stable financial future? The answer found by many is to remortgage now as interest rates are still at a low level compared to what they could be in the coming months. The Bank of England has almost ensured there will be more increases in the base rate in the coming months and that will certainly affect monthly mortgage costs.

Brexit has often been at the center of blame over the past several months for rough waters which have occurred in the UK housing market. It is being blamed for slow property sales, slowing demand, and other things which have been pace related. Now, a recent piece of research is claiming the bounce back in London property prices, post-Brexit, will quickly take place in the next few years. Research by Savills points out the London price model has seen decreases of almost 20% in the last four years, but will see the opposite effect taking place soon.

Remortgage demand is expected to remain strong through the rest of the year within the UK housing market. The latest economic data from the Bank of England concluded remortgage lending activity was quite heavy in Q3 of this year and more lending is expected to continue in the next three months. The central bank has also concluded lenders will be raising margins on prime lending in the coming days.

Recent data regarding struggles in the UK housing market points in one direction in the opinions of many close to the market – Brexit. Housing market data which represents less than favourable climate conditions has now been made public by the Royal Institution of Chartered Surveyors, or RICS. Falling property prices and fewer overall buyers highlights the findings of RICS. Their research also unveiled another issue which is extended times for completing sales transactions.