Remortgage Strong Despite Fall in House Prices
Recent data from the UK’s largest lender suggested there may be reason for concern overall regarding the housing market. House price growth has fallen during the last sixty days and the average UK house price now sits at £220,962. This is more than a £7,000 drop in the average price. Some economists have expressed thoughts related to a possible house price crash. According to Halifax, house price growth will likely still amount to 3% at the end of 2018.
House price growth has fallen at the start of typically the busiest time of the year for the market. The selling season is almost in full swing and that means activity is almost a lock to increase in the coming weeks. This will likely add to an optimistic sentiment which is still being held onto by many.
Remortgage through this period remains at a strong activity level, according to figures from the first quarter. After the increase in interest rates which took place in the first weeks of November, 2107, remortgage experienced a slight dip. Since that point, the mortgage lending tool has seen record numbers, especially during the month of January.
Remortgage is still catching the attention of many house owners who are awaiting some consistency in the housing market. For those who have chosen to wait through these days of uncertainty, housing experts express caution. The perfect time to remortgage for those seeking a lower interest rate could be here in the opinion of many close to the housing market.