House prices have not lost their footing in the post Brexit event that was expected to shake the housing market loose from its stance. Instead, reports released this week have shown annual quarter house prices with increases. Halifax reported an annual increase in house prices of 8.4%, while Nationwide reported 5.1% for the same quarterly period to June 2016 over the second quarter data for 2015. However, the annual rate showed some decline.

Halifax housing economist, Martin Ellis, said, “There is evidence that the underlying pace of house growth may be easing. House prices in the three months to June were 1.2 per cent higher than in the previous quarter; down from 1.5 per cent in May. The annual rate of growth fell from 9.2 per cent in May to 8.4 per cent; the lowest since July 2015.

"House prices continue to increase, albeit at a slower rate, but this precedes the EU referendum result, therefore it is far too early to determine any impact since.”

The rush to beat the sales tax increase that took place on April 1 for those buying secondary homes, including landlords, impacted the data in both the housing market and the lending market for the first part of the year. Therefore some stabilization may be occurring in the data that would have occurred even without the Brexit vote.

With the ability for homeowners to remortgage at low interest rates and for home buyers to find the same great savings in current interest rate offerings, the Brexit may not deter those determined to take advantage of the opportunities present. It could be some months before we see any sliding as a result of the true impact of the EU referendum vote. However, it is not the only factor impacting the economy, consumer confidence, or the interest rates available on remortgages and mortgages.

Time will reveal what a difference the Brexit made, but for now there are still advantageous opportunities for homeowners looking to remortgage and those hopeful home buyers shopping in the market for their goal of ownership.