The historic referendum which took place in June has sent ripples of impact through the UK housing market. Uncertainty has replaced confidence as the days pass and the market adjusts to decreases in demand within most sectors. Although a fall in house purchases took place in the month of June, remortgaging has surged ahead with a rise in the number obtained. Low interest rates led the charge as more homeowners took advantage of the benefit of a lower monthly mortgage payment.

More than 43,000 remortgaged during the month of June, collectively borrowing £7.5bn along the way. This is the largest amount since the last quarter of 2008.

Record low interest rates continue to steal the headlines as homeowners are making the wise decision to obtain a rate which will protect them from future increases. They are also accessing home equity and making use of the valuable funds. Paying off old debt and starting home renovations are both quite high on many household to-do lists.

Jonathan Harris of Anderson Harris brokerage commented on recent housing data and the impact of Brexit, saying: “Now the vote is out of the way, but we are into the summer when you would expect to see lower volumes of transactions as everyone heads off on their holidays.

"September’s data will give a much better indication of how recent events have impacted the housing market - we would normally expect an increase in approvals for house purchase as people return from their summer holidays and start making decisions again.”

Harris added: “It looks likely that the next move in interest rates will be downwards, perhaps as early as next week. Mortgage rates are already exceptionally low and this is won’t change anytime soon, which should help support activity in the market.”