Years of massive house price growth has created a UK housing market which is becoming less and less favourable for first time buyers. Every first timer remembers how difficult it was to scrape together enough money to place a deposit down on their first place to call home. This has never been an easy feat, but now it is even more difficult due to much higher house prices. The Bank of Mum and Dad is now the go-to for many home hunters.

Remortgage approvals started inching upwards during the middle of last year and have only slightly eased in recent months, according to UK housing market data. The most recent figures paint a confirming picture. The British Banking Association reports which came out Friday indicate remortgage numbers and original mortgage loan approvals fell modestly during the month of February, easing back into the average numbers seen during last year.

Every indication points to the remortgage sector high level of activity to remain constant, at least for the months upon us. Currently, interest rates are sitting at historic lows which mean there is much money to save each month off the cost of the monthly mortgage payment. Many UK households looking to save money on their fixed budget are likely able to do so with a new mortgage deal. Although not every household is perfect for a remortgage, lenders are able to tailor make a deal suited to most situations. 

Although house prices have climbed higher over the past few months, initial estimates of overall growth within the UK housing market for the upcoming months have now been downgraded, according to the latest news from property experts. A sharper slowdown is now expected with several factors playing their parts to affect fundamentals and cause a pause in expansion.

Much discussion has taken place regarding the future of the UK housing market when Article 50 officially kicks off on March 29. Upon this day, the triggering of the Article will begin a chain of events leading to the last day of the UK residing in the EU. After the date of the triggering of the Article was revealed, the sterling took a slight dive downward, but then quickly recovered. The Queen has already granted royal assent for the Brexit Bill to be enacted.

UK house prices are only one of the many facets of the market which hold great meaning and make it possible to rate the strength or weakness of the moment. The first official house price stats are now public and growth in house prices remains the headline as the housing market boom rages on. Average house prices across the country surged an additional £13,000.