Despite new tax surcharges, the historic Brexit vote, and uncertainty at every turn as the year came to a close, house price growth finished the year at the same level as 2015. House price growth at year end was 4.5%. Recent data placed the current UK average house price at just under £209,000. As growth continues at a consistent pace, the remortgage sector is leading the way and remains active at a furious rate.

More of the same is expected overall for the first quarter of this year, according to many close to the UK housing market. The remortgage sector is also expected to continue offering house owners a path to savings.

Remortgage is still widely unknown as a solution to cutting the cost of a monthly mortgage payment. Many are cutting their monthly mortgage cost by hundreds and sometimes thousands of pounds. This is placing them in a more favourable position financially as they face the remainder of the New Year.

It is making it possible for families to plan holidays once thought impossible, pay off old debt which has been weighing them down for years, and put into action many home renovations which have been placed on hold forever.

The housing market is entering the New Year with much anxiety. Uncertainty still rules most headlines. The fundamentals however are strong and many experts are forecasting positive steps forward during the first half of the year.

Robert Gardner, Nationwide’s chief economist commented on the current economic climate, saying: “Like most forecasters, including the Bank of England, we expect the UK economy to slow modestly next year, which is likely to result in less robust labour market conditions and modestly slower house price growth.”

Gardner added: “But we continue to think a small gain, around 2%, is more likely than a decline over 2017 as a whole, since low interest rates are expected to help underpin demand while a shortage of homes on the market will continue to provide support for house prices.”