The previous two years have been quite uncertain within the UK housing market due to Brexit and the historic vote to leave the EU. It has created some doubt in decision making and property owners are still on the fence regarding some major steps moving forward. Recent economic figures demonstrate the hesitation is continuing. Data from the month of March indicates housing mortgage approvals fell 3,000 from the month prior.

Housing mortgage approvals are a strong indicator of what the short term holds in regard to overall mortgage lending according to sources close to the housing market. The number of approvals fell from the month of February to March this year causing more concern the market is having a hard time stepping up from the cold of winter.

Approvals from the month of March totaled 62,300, down from a total of 65,300 in the month of February, according to figures from the Bank of England.

Some experts feel stamp duty is affecting the mortgage market more than other factors. Stagnant income growth coupled with uncertainty prompted by Brexit are creating a climate which is making it difficult for everyday items to be easily afforded.

John Phillips of Just Mortgages and Spicerhaart commented on the recently released data, saying: “The mortgage market has been struggling for some time now, with the annual growth rate of mortgage lending remaining at around three percent since 2016. Brexit is clearly still having a huge impact – although it is not in the news so much at the moment and as we move into the warmer months, we may start to see a rise in approvals for purchases, but I think there are bigger issues at play; the main one being stamp duty.”