As time nears for the UK to vote in the June referendum, activity within the housing market is primarily static and is expected to remain this way for the time being. Some close to the market are surprised to see the market posting successful numbers at all in this time of uncertainty. House price future as well as other factors is holding remarkably steady leading to the Brexit vote.

The stamp duty introduced April 1^st is being blamed for much of the settling in activity which has taken place in the past few weeks. A new tax which was enforced for buy to let property investors took effect and created a massive purchase of property during the month of March.

Remortgage activity has remained steady, falling off only during the last few months. Lenders are still quite competitive and offering deals with low interest rates and low administration fees.

John Bagshaw of Connells Survey & Valuation commented on the ability of the market to remain active through this ambiguous time, saying: “However once that stamp duty related instability has passed, there appears to be a steadier annual growth and a more positive outlook for the housing market. Even if the EU referendum does have a measureable impact, one thing is clear, any slump hasn’t happened yet.

“Remortgagors are leading the market, underpinned by lenders offering a new set of favourable interest rates for existing homeowners. But first time buyers are also on the up. Factors such as low inflation, rising wages and government schemes are all helping new owners onto the property ladder.”

Bagshaw added: “Even for the much downplayed buy to let industry, May was a good month. Valuations on behalf of landlords have been leading the housing market since April. Annual growth is likely to stay negative for buy to let activity, but the most recent signs are positive.”