UK citizens so far are not leaning toward feeling pressure and stress about the historic Brexit vote results which came about in June. The vote to leave the EU has not affected spending habits thus far as consumer credit increased during the month of August and beat forecasted spending. Housing market fundamentals have cooled and are not expected to surge in any way through the rest of the year. Remortgage activity continues to be strong as home owners are taking a step forward and obtaining a new interest rate to secure themselves for any future interest rate rises.

Consumers deciding to shrug off any concerns about the uncertainty pertaining to the UK housing market and continue spending are among the majority. Confidence has been steadily rising for weeks and that is now present in the latest set of data from RICS. For the first time in months, surveyors are expecting to see house prices increase during the last quarter of the year and into 2017.

As time continues to pass following the vote, experts see weakening of the labour market and less disposable income as conditions to possibly be facing. This is likely to lead to increased remortgaging in order to save money off the cost of the monthly mortgage cost.

Howard Archer, economist with IHS Global Insight commented on the latest economic data, saying: “We suspect that the fundamentals for consumers will become less favourable over the coming months, with purchasing power likely diminishing and the labour market softening.”

Archer added: “On the one hand, this may make people more cautious over borrowing, but on the other hand, it may increase the need for some people to borrow.”