Many UK housing market experts are looking to the rest of 2017 with more optimism. This is due to the latest round of 2016 data which has surfaced. Overall, house sales were strong, gross mortgage lending was strong, and remortgage was very strong during the past twelve months. The fourth quarter of last year was especially strong and leads many to believe that this year will be a continuation of that quarter, at least in the short term.

Many economists are looking to 2017 with great anticipation. Although the activation of Brexit will likely begin in the coming months, much of the political strife was completed last year. This is leading many to believe the next eleven months will be active, especially in the remortgage sector.

Mohammad Jamei, CML economist, commented on the market and the near future, saying: “The UK housing market, much like the wider UK economy, ended 2016 on a generally positive note. Approvals for house purchase have recovered strongly of late, and this should feed through to lending figures in the early months of 2017.

“The current availability of mortgage credit is benign, and the real issue continues to be a dearth of properties on the market, which adds to the challenges facing would-be buyers.

“Uncertainty associated with political factors and prospective changes to the tax treatment of landlords will weigh on prospects for the year ahead.”

SPF Private Clients chief executive Mark Harris added: “2016 turned out to be an encouraging year for the mortgage market, despite significant headwinds created by the increase in stamp duty for landlords and second homeowners in April and the uncertainty surrounding the referendum.

“Record low mortgage rates were responsible for this resilience, with many borrowers remortgaging to take advantage of the lowest rates ever while first-time buyers were able to take advantage of an increase in the number of high loan-to-value deals.”