Thanks to a significant boost from the remortgage sector, the UK housing market posted exceptional figures for the amount of mortgage lending during the month of May. According to the Council of Mortgage Lenders, more than £18mn in mortgage lending was approved during the month making it second to no other months since the economic crisis of 2008. Although the figure is massive it is unlikely to start a trend due to the recent Brexit vote to leave the EU, according to experts within the UK housing market.

Remortgage approvals helped prop up the strong level of mortgage lending during the month, according to the CML. Lenders are still offering deals which boast low interest rates and many house owners are taking advantage of new deals with new sources instead of staying with their current lender.

Although lending figures were strong during the month of May, the CML is estimating the recent leave vote will have an effect on the market which is yet to be seen. Many are predicting uncertainty within the market for months and possibly years.

A spokesperson from the CML commented on the latest data, saying: “As expected, lending continued to be somewhat dampened in May, reflecting the earlier rush in the first quarter to beat the stamp duty change on second properties.

“Looking ahead, there is likely to be considerable uncertainty as a result of the EU referendum decision. We expect this to affect sentiment and reduce activity below levels that would otherwise be expected in the near term, as both buyers and sellers adopt a wait-and-see attitude until the dust begins to settle.”