Even though some fundamental data is indicating there is a slowdown in the overall UK economy, housing is still going strong and that is evident from the latest number of mortgage approvals during the month of June.  Banks reported a major increase month on month during June which could mean the housing market is returning to the very hot times which took place in the first few months of the year. 

The figures from the British Bankers’ Association show an increase of almost 1,400 mortgage approvals took place during the month of June, up from 41,881 in May.

Fluctuations in the number of mortgage approvals are expected currently due to the newer, tighter lending rules banks are required to abide by.

Richard Woolhouse with the BBA commented on the number of mortgage approvals which are occurring in the housing market, saying: "These figures show that mortgage approvals are rising again.  That's encouraging because those decisions are a leading indicator of what's happening in the housing market."

Woolhouse added: "But the jury is still out on exactly how the new rules are affecting customer applications or approvals."

With the summer months winding down, the housing market is indeed expected to experience a slowdown.  This type of cooling typically takes place at this time of year and is a natural yearly occurrence.

Remortgage deals are still part of the housing market which deserves attention.  With talk of the base rate increasing, remortgage deals are still available and still can make a lasting impression on the amount of mortgage payment anyone is paying for a house.