The UK housing market continues its strong run during the month of January and is now seeing unusually high house sale transactions for this time of the year. The month of January also posted a higher average sale price for houses. The average UK house now sits at more than £300,000 in England and Wales. The average property price for the capital city of London now sits at more than £600,000. 

UK property owners have experienced tumultuous times over the last several months. From new taxation to new mortgage lending requirements, and everything in between. This has created some confusing moments for many, and for some it has even been paralysing. One thing is certain though for those who might be considering a remortgage. Experts agree, there could not be better timing.

The level of remortgage activity is still rising within the UK housing market, and for good reasons. Although talk about a possible interest rate hike is in the air, the interest rates lenders are offering with remortgage deals are quite low. Experts are therefore urging homeowners to opt out of switching over to the current lender’s SVR when the two year fixed term mortgage runs out. Instead, they are suggesting to proceed with a remortgage and start reaping the benefits of a remortgage now, instead of later.

One thing which is taking place within the UK housing market so far is not much of a surprise to many close to the street. Remortgage so far has been strong and the pace looks to continue from the words of many experts. Although, due to recent regulations and changes to the taxation process, many buy to let landlords will be facing a challenging time when remortgage day comes about. 

The New Year within the UK housing market is starting with a shortage of housing sales and that has subsequently led to less growth of housing prices. Many close to the market have forecasted a cooler climate in the short term, and so far this forecast has been accurate. Inflation is creating a wave of lower spending on all fronts. Couple this with a shortage of homes available for sale and the market cannot help but face a slowdown.

Aside from all the political news of last year and then the official Brexit outline for the coming months, one part of the UK housing market is still quite volatile. Housing prices have been ablaze during the last few years regarding growth and now for the first time in several months that fire has begun to sputter. Prices in the month of January actually did more than sputter – they fell. This is the first housing price decrease for the month since last August, according to Halifax.