Remortgage approvals took a slight dip in the month of April, indicating the slowdown in the UK housing market is happening just ahead of the general election. According to data from the British Banker’s Association, remortgaging fell 10% compared with the same month of 2016. The total for the month of April was 23,074. The average each month for the last six months is 26,569.

Gross mortgage lending and remortgage lending figures illustrate the current amount of activity which is taking place within the housing market. This time of year has historically been represented by a wide range of figures from each sector within the market.

Due to the low level of interest rates, remortgage activity over the past several months has been quite strong. With a general election quickly approaching, sectors are proving to be tied on the results of that election. Many transactions are currently being placed on hold awaiting the results of who will be added to Downing Street.

Andy Knee, chief executive of LMS, commented on the latest housing market data, saying: “The decline in house purchase and remortgaging approvals over the last six months clearly illustrates the recent slowdown in the UK property market. LMS research also shows that remortgage lending ground to a halt recently, with the total amount of lending levelling off at £5.2 billion between February and March.

“In April, the General Election announcement meant first-time buyers and existing homeowners delayed decisions on whether to purchase a new home. They would rather wait and see who enters Downing Street on June 8th before purchasing again. It remains to be seen whether the property market will pick up later in the year.”