The UK housing market was dealt a blow of uncertainty along with the Brexit vote held in June. Experts in and around the market predicted a brew of differing opinions regarding short term and long term prospects. Many buyers and sellers of property took note and made decisions to wait for the impact to play out. This has led to a slowdown in activity in most sectors. In the latest data release from the June National Association of Estate Agents Market report, purchasers executed their plans to buy seemingly unfazed by the decision of the people to leave the UK.

Demand for property increased in June, according to estate agents. The average number of those searching for a house increased month on month by almost 10%.

Remortgage activity dropped off slightly in the days immediately following the referendum, but has since come back as more home owners are once again taking advantage of the benefits of a remortgage.

Mark Hayward, managing director, NAEA, commented on the impact of the vote, saying: “In periods of extreme political and economic uncertainty, the housing market will always respond. However, it’s a relief to see that looking at the whole month overall, buyers were still keen to buy, sellers were still keen to sell and sales were still going through at the same level as we’d expect. It’s only natural that immediately following the vote supply fell but our figures show that the lead up to the vote wasn’t all doom and gloom, which should be a good indication of the months to come.”

Hayward added: “We remain upbeat and need others in the industry to do so as well. The new Housing Minister confirming his commitment to building 1m new homes will be encouraging for many buyers, especially those looking to buy their first home. Hopefully, we should soon see housing market confidence bouncing back to the levels seen pre-Brexit.”