Landlords in search of a remortgage are being cautioned not to wait much longer before starting the process. Since there will likely be a surge in remortgage activity before the next potential rate rise in May, those looking for a new deal should start applying soon. This suggestion of urgency is based on the number of applications which will be pouring in over the next few weeks to lenders. Extra demand on lenders may push rates higher in the opinion of some close to the housing market.

Recent data from the UK housing market reveals forecasts of a sluggish housing market this year might not be far off. Figures from the Royal Institution of Chartered Surveyors suggest interest in property is weaker in February than in January of this year. The official reading of -11% in January increased to a reading of -16% in February. This reading is a primary indicator of future activity within the housing market. The worsening in the reading month on month suggests interest in property continues to diminish.

Remortgage approvals are steam rolling ahead with little resistance in sight according to the latest housing data. Buy to let remortgage activity was quite elevated during the fourth quarter of last year, along with residential remortgage. Overall, remortgage activity has been quite high since the middle of last summer. This is likely due to the hint of a potential rate increase which ultimately took place in the first week of November, 2017. The standard base rate was hiked from 0.25% to its current level of 0.5%.

Two years ago, a hike in stamp duty created a whirl of new mortgage lending. Now, those two year deals will be reaching maturity and many will be in search of new deals. Not only are rates in the buy to let sector attractive, but rates overall for mortgage lending are appealing to many looking to move home or remortgage. Buy to let landlords will be looking to remortgage soon and interest rates are at a point which is quite attractive. Many lenders have been lowering their rates in anticipation of a wave of lending activity.

The UK housing shortage has been on the government solutions board for some time and Monday will see more done to increase the chances the problem does not become a crisis. Prime Minister Theresa May is delivering a speech targeting issues within the UK housing market with the shortage as one of the hot topics. She plans to take aim specifically at the amount of house building which is currently taking place each year and what can be done to improve the overall number of residences which are completed.

Much has been said recently about the resiliency of the UK housing market. Many housing specialists expected the market to be challenged quite a bit more than it currently is, even though we are in the slow period of the year just prior to selling season. House prices did take a small dip in the month of February, but are fully expected to rise quickly in the coming weeks due to demand. Unemployment remains at a low level which is enabling many to purchase property during the off season for the market. The word resilient has been used numerous times in discussions about the market, but it should also be used to describe today’s homeowner.