Many close to the UK housing market believed it would be spiraling out of control by now after the vote to leave the EU, but data from the month of June is so far painting a different picture. House prices increased more than 5% during the month as a shortage of supply is maintaining upward pressure on the average home cost. From May to June the average cost has almost eclipsed £205,000, according to the Nationwide. This has led some to estimate home prices could keep increasing for several months to come.

In the midst of elevation in home costs, the remortgage sector is moving along with little resistance. Lenders are continuing to offer extremely low interest rate deals along with little to no administrative costs.

Home owners are taking advantage of the low interest rates and obtaining new deals which will provide security moving forward against rate hikes. Home equity is also being accessed and being put to good use. Paying off old debt, starting a home renovation, and taking a long holiday are possible uses for the valuable pounds stored in the value of a home.

Nationwide economist Robert Gardner commented on the impact the Brexit has had on the market so far, saying: "The rate of annual UK house price growth has remained fairly stable over the past twelve months, confined to a fairly narrow range of between 3% and 6% - this trend was maintained in June with price growth at 5.1%, up slightly from the 4.7% recorded in May.”

Gardner added: "The lack of homes on the market – with estate agents continuing to report a record low number of properties on their books – will also provide underlying support for prices even if demand softens.”