For many, the Christmas holiday could not have come any sooner when considering the current tempo within the UK housing market. The number of overall transactions is down and forecasts for the coming year are anything but bullish. This diminished number of transactions has led to slower growth in housing prices during the last few months. Overall, the amount of activity of the post Brexit period has resulted in an uncertain future in regard to the coming twelve months.

House price growth has slowed and the number of young people under age 25 owning a home has been cut in half. Even activity within the capital city of London has slowed to a much slower pace. Occurrences such as these are cause for concern for many, but for others, a boost of activity is now almost expected for the coming year.

Marc Langdon, partner at property consultancy Bidwells commented on how this year will be thought of in retrospect, saying: “I think it is fair to say that, for many reasons, 2016 is not going to be remembered fondly by many.”

“While housing has rebounded more strongly than expected after the Brexit referendum, the level of transactions has dropped considerably and we move forward with a fear that growth in 2017 will be notably slower than the previous 12 months.”

Remortgage activity has continued to be strong as one of the sectors within the UK housing market which is performing at a better than average pace. This level is expected to continue into the New Year as interest rates remain low and lenders stay aggressive looking for new clients.