Uncertainty remains the prominent opinion of many within the UK housing market as many attempting to sell their home are now relying on price reductions to gain attention. Since the Brexit vote last year, there is growing sentiment that the market will likely see an ebb and flow of activity. The selling season has now ended and house sellers across the country are resorting to basic methods in order to sell their property. One of the methods gaining traction is simply reducing prices.

Almost 40% of house sellers across the country are now seeing a price reduction as a way to attempt to sell their house. This has led to a drop in the average selling price of property. The new low is now £311,043. Month on month to September, this is a drop of 0.8%.

House sellers are looking at a possibly more difficult time in selling right now. A recent increase in interest rates combined with inflation of prices of everyday items hits sellers hard who are looking to sell quickly. Demand is expected to continue however, according to some close to the housing market.

Those who have chosen to remortgage instead of selling are currently running a different race. Remortgage activity continues to be strong as deals with low interest rates and affordable accompanying fees are still available. These deals are not limited to low profile lenders and banks. High profile institutions are also taking part.

Remortgage activity is expected to remain close to the top in percentage of all mortgage lending. Housing experts are still urging house owners to consider remortgage as a successful strategy for the short term as well as the long term.