November mortgage lending figures from the UK housing market are in. Year on year, gross lending posted a lower number than the same month in 2017. Final figures paint a picture of a cooler market than the same time last year. A 10% dip in the number of mortgage approvals were executed this November compared with last. Remortgage approvals also decreased. Figures from UK Finance show remortgage approvals fell 20% compared with the same month last year.

Mortgage lending has fallen compared with the same time last year. There are several factors which work against the market in general during the holiday season, but one area in particular is being blamed currently for the slow down.

That one factor which many close to the housing market are pointing their fingers at is Brexit. The official day of Brexit to take place is March 29, 2019. The vote to leave the EU took place exactly two years prior to that and the market is holding its breath to see what impact the day will have on it.

Mortgage lending of all types typically takes a back seat during the Christmas season, but this year was different. This year contains within its psyche uncertainty. This uncertainty is placing handcuffs on many who are caught between selling a property and buying a property. In other words, according to many experts within housing, those who are on the cusp of a major decision are unable to make that decision due to the unknown.

Housing specialists and economists are making attempts to forecast what will happen after the end of March. Many predict a blossom of growth in many areas of the market.