The Brexit vote had an impact on many sectors within the UK housing market. Many close to the market were unable to forecast any movement or shift in activity level which would take place following the vote and the ability to prognosticate is even now closely related. The luxury market within the city of London however did experience some turbulence in the days just prior to the vote. The fall in home values in the capital city was also not forecasted.

In the days and weeks prior to the Brexit vote the London luxury market experienced a fall in home values based solely on what is now being referred to as a lack of urgent demand from buyers.

Prices slid more than 0.2% during the 90 days leading up to the vote, according to data from Savills. Compared with the year 2014 in which property prices in the city of London were at their peak, prices now reside at a level 1.4% lower.

Lucian Cook of Savills commented on the latest data from the report, saying: "Falls in sterling have prompted some international buyers to re-enter the market, while there has also been a fair share of speculative bids from those hoping to secure a bargain. Against this context, sellers have generally taken a pragmatic approach around pricing without having to slash their expectations."

As home prices in the city of London took a small dip leading up to the Brexit vote, remortgage activity has continued its ascent upward. The sector is seeing house owners of all types of properties benefitting from all the advantages a remortgage has to offer.