Remortgage as an intended way of lowering a monthly mortgage payment has hit new levels of activity within the month of March, according to the latest figures from Connells Survey & Valuation. Inflation is increasing and UK house owners are in need of cutting expenses as much as possible to improve the family budget. Many are looking to remortgage as a way to cut cost and free up funds for everyday expenses. In fact, surge in the amount of remortgage activity has pushed it to its highest level in five years as it compares to other market activity.

In the past few years, the base rate has gone through reduction after reduction and created a wave of lender freedom which in turn has greatly favoured borrowers. Lenders are offering deals with low interest rates unheard of in the last several years. House purchasers obtaining an original deal and current home owners looking to remortgage are finding massive amounts of savings or great deals on original loans. Much talk now within the UK housing market revolves around those who should think about remortgaging, paying the early repayment charges, and possibly taking a step back in order to gain two steps forward.

Young women are quickly becoming an important demographic to those involved in selling homes. As more women are putting off having a family and pursuing their careers, they are finding it isn’t necessary to put off buying a home. Lenders aren’t focused on simply offering mortgages and remortgages to families, but are modeling products to attract the unconventional home buyer which includes single young adult women.

Although there has been political, as well as other types of news shake the foundation of the short term and long term forecasts of the UK housing market, it appears it will be quick to rebound according to many experts. The latest released data has pointed to possible gloomy times ahead for the market making reliable predictions hard to come by. Fundamentals of the market are standing strong and are considered to lead the property market into a solid tomorrow.

Mortgage lending has seen a normal slowdown since the beginning of the year. It is out of season for house purchase and the cold weather seems to always have a chilling effect on the market. February data indicates home mortgage lending improved a slight 2% over the same month of last year, whilst month on month comparison show a 6% increase on the month of January.

Last year the UK housing market saw uncertainty and modest gains forecasted for the short term and opinions varying widely on the long term. So far this year, sectors are starting to show signs of a possible slowdown, especially in house prices. According to property website Zoopla, house prices have fallen £1,000 per property since the beginning of 2017.