The meeting of the Bank of England Monetary Policy Committee last week resulted in a 7-2 vote in favor of delaying the increase in standard base rate. The move was entirely expected as first quarter figures of the UK economy did not support such action. The news was a relief for many close to the housing market who are considering a move at this time or are thinking about a possible remortgage and have not yet committed to it.

As more talk about the UK housing market losing steam reaches headline level, many are still taking advantage of what remortgage has to offer. House owners are seeing opportunities flow after taking the steps to apply for a remortgage and the dividends are massive. Not only is it possible to obtain a lower interest rate resulting in a lower monthly mortgage payment, but it is also possible to gain access to valuable cash whilst doing it. Some believe the market is weak with house prices falling, but home owners have a different view of it.

House prices continue to increase, even as the housing market has slowed a bit, according to the latest data to surface. Data supporting the increase has opened the eyes of several home owners who claim they could not afford the same house today if it was available. The survey, completed by MyJobQuote, discovered approximately 30% of those responding would be unable to afford the house they currently reside in if it was on the market for sale today. This further supports the idea of house owners seeking methods like remortgage to help lower house payments compared to deciding to move home.

Demand for remortgage from home owners during the first part of this year has been quite strong. In January, an eight year high was posted for remortgage demand and February was not far behind that. The first month of the year saw almost 50,000 remortgage transactions take place and the second month posted more than 35,000. Figures such as these are not entirely new to the market as they have been growing for about 18 months. Home owners are taking advantage of a mortgage lending tool full of benefits. Many housing experts expect this trend to continue through much of this year.

Recent data from the UK’s largest lender suggested there may be reason for concern overall regarding the housing market. House price growth has fallen during the last sixty days and the average UK house price now sits at £220,962. This is more than a £7,000 drop in the average price. Some economists have expressed thoughts related to a possible house price crash. According to Halifax, house price growth will likely still amount to 3% at the end of 2018.

Along with house sales, the growth of house prices has fallen in the UK housing market. The month of April continued a trend which started at the beginning of the year and is signaling a cooling off period for the market, according to many close the market. Original loan lending as well as fewer houses being placed on the market for sale is combining for an April which has posted a lower average house price. The average house price across the country now sits at £220,962, according to Halifax.