As the country nears the possible changes all that Brexit has in store, the UK housing market is already showing signs of serious slowdown. Buyer demand for available housing has slowed down and actually dropped to a six month low during the month of February, according to the Royal Institution of Chartered Surveyors. Thursday the monthly survey of estate agents was published indicating enquiries had fallen on the unique measuring scale from 3 in January to 0 the following month.

The remortgage is now quite a popular term among many UK house owners and rightfully so. With interest rate levels still at the bottom of the barrel, property owners are able to find a suitable deal with a lender and save potentially hundreds of pounds per month off the cost of the mortgage. This has been a perfect storm for months. Buy to let landlords are now facing a different set of rules. Many deals have remained painfully out of reach due to fresh new borrowing regulations and tax changes, according to lenders and brokers close to the action.

The UK housing market of last year saw newsworthy items have an impact on most sectors, and some sectors unfavourably. Other sectors, however, saw drastic improvements after a period of slowdown immediately following the historic Brexit vote which took place in June. One sector to thrive after a brief pause in activity level was the remortgage sector.

There have been fewer times better than the present to think about remortgaging, according to the latest data regarding the UK mortgage lending market. Interest rates are still at historic lows prompting more interest than now than in quite some time. In fact, those who purchased a property and are nearing the end of a two year deal are looking at a sizeable increase in monthly mortgage payment by deciding to revert instead of choosing to remortgage. This is of course referring to those who are on an SVR from their current lender.

The Bank of England has now changed the playing field for lenders who offer mortgage lending. Prior to the change, banks could not exceed a certain number of high loan to income loans within the quarter. The banks had a quota for these types of loans. The Central Bank has now altered the rules pertaining to this rule and is now regulating how many of these types of loans are obtained on an annual basis. Now, more borrowers are able to obtain high loan to income mortgages, according to the Bank of England.

Immediately following the historic Brexit vote in June of last year, opinions began to swirl regarding the future of house prices. This talk led to much uncertainty about what would transpire in the coming months. A short time later, the UK housing market began showing a stubborn side which was surprising to some close to the market. The market took off and wavered only slightly following the vote. Currently, confidence in the future of house prices and other traits of the market seem quite hawkish.