The official start to the summer selling season of the UK housing market has begun. Current house owners are beginning their quest for a possible move home and first time buyers are taking time out to search for a first residence. The political effects of the past few months are taking their toll however, on a normal selling season. Demand is down, supply is down, and growth in house prices is stalling. The one sector which remains quite active is remortgage.

Homeowners are keeping the lending market busy as remortgaging was responsible for 33% of mortgage lending in April according to LMS. This level is up from the still strong showing of homeowners in March with 28% of mortgage lending credited to remortgages. In April there were 38,475 remortgages which was up 8% from the 35,500 remortgage deals in March.

Economic and political turbulence over the past eighteen months has created a sense of being unsettled for many on the cusp of making a decision about housing. This turbulence has led many to question what will happen next. Experts offer multiple predictions as to what will happen next. As the hypothesizing continues, the growth rate in house prices has stalled, especially in the capital city. London has seen a major swing during the past year and a half with little idea as to what will happen next.

Recently released data indicates the number of homes added to the market for sale is dropping, which is adding to the already increased demand for remortgage. The May total of homes added to the market slipped almost 20%, settling in at 27%. This is a significant change from the month prior which totaled property valuations as a percentage of market activity at 45%. Fewer homes added to the supply end for possible sale means an increase in the number of remortgagors.

An unexpected general election result could lead to uncertainty within the UK housing market, according to one housebuilder. Several housebuilders in fact have been negatively affected since the outcome was announced. Stock prices suffered for many housebuilders as the news spread across the country as election results became known to the public. Some experts have also predicted uncertainty prevailing following the election, but others have disputed the idea and feel the market will not be affected in any way.

Following a year of turbulence within the UK economy caused by political events, namely  Brexit, the housing market is rebounding. Although many experts saw uncertainty dominating the headlines, so far the market has been resilient and some recent data backs that up. According to the Office for National Statistics, the average home price for a typical home increased more than £3,400 in month to month comparison March to April. The price for a home now sits at £220,100 across the country.