Mortgage lending within the UK housing market has shown signs of weakening in the past several months and the latest report made public echoes that sentiment. Residential property transactions occurring between the months of February to March fell more than 7% in volume, according to the latest data from HM Revenue and Customs. This data supports the opinions of housing experts claiming the market is slowing down. The data is released on the heels of less than optimistic figures regarding house price growth which is expected to top off at around 2% overall for the year 2018.

Lack of supply and rising cost of living are both being blamed for the continued slowdown within the market. Those who are trying to advance further in the market and those who are trying to gain a place on the first rung of the property ladder are finding it quite difficult.

Rising home prices during the past decade along with the slow pace of income growth are also factors leading to a noticeable cooling off within the market. One of the few areas not experiencing a slower amount of activity is remortgage. Since the interest rate hike in November of last year, lenders have remained against the wall trying to keep pace with the demand of remortgage applications.

Talk of another interest rate increase next month has dwindled due to lower inflation over the last several weeks leading up to the first week of April. The Bank of England has made comment of the possibility of a rate rise being put on hold. Although the potential of a hike has been pushed back, housing experts are still urging house owners who have not remortgaged so far to consider it sooner rather than later.