Although many housing experts are sitting cautiously for the results of the EU vote this year, UK housing market activity has been percolating with mortgage lending and remortgaging hitting highs not seen in years. Borrowing totaled more than £8.5bn during the month of February which is a 4% month on month and 21% increase year on year, according to the latest CML market data.

Borrowing hit a high not seen since the month of February 2007 and remortgaging hit a new level not seen since the year 2009. This data represents a strong opinion of the state of the current market. There is still much appetite for available property even though there still remains quite a shortage. Experts around the market see the entire landscape possibly changing though with a vote to leave the EU.

Even with the delay in a possible date for the interest rates to be hiked, remortgaging remains quite strong. Many house owners are still unaware of the vast amount of benefits a remortgage can offer. Beyond obtaining a lower interest rate which will immediately lower a monthly house payment, a remortgage enables an owner to access home equity and use the funds for items such as old debt, a house renovation, or a much needed holiday.

Paul Smee, director general of the CML, commented on the latest market data, saying: "In 2016, there have been substantial increases in house purchase and remortgage activity year-on-year. This reflects the sluggish market in early 2015, perhaps driven by election uncertainties. Buy-to-let has also seen substantial year-on-year increases, with particularly strong growth in remortgaging, a pattern which we have seen in the buy-to-let sector the past six months.”

Smee added: “Activity has been boosted by landlords seeking to complete purchases before tax changes in April. We do not expect activity to show such strong year-on-year growth later in the year."