UK house construction activity fell during the month of May ahead of the June referendum, according to the latest data. Contraction within the sector as well as delays in the start of projects is leading to a less than satisfactory period. Officially, the month of May posted a drop of 3.2% in house construction which was the biggest fall in house construction since the month of February two years ago.

According to the latest figures from the Royal Institution of Chartered Surveyors, the outlook for growth in the market appears slower than normal thanks to the June Brexit vote.

As construction numbers struggle to bounce back in the coming months, other sectors within the housing market are already bouncing back including the remortgage sector.

Lenders are continuing to lower interest rates attached to deals and therefore seeing an increase in interest from homeowners. Deals are also being offered with little to no administrative fees attached.

Expert opinions varied widely on the short term level of activity within the remortgage sector. Although many predicted the sector would fall on hard times due to the amount of uncertainty and lower consumer confidence, it has started to bounce back. The one factor which is bringing homeowners to make the decision to remortgage continues to be lower interest rates. Some homeowners are seeing a cut in the amount of their monthly mortgage payment by hundreds of pounds.

Homeowners with even the smallest amount of home equity are seeing benefits as they are able to access it during the process. Also, the process itself has been streamlined and can now be completed entirely online.