House price growth has slowed, yet prices overall remain on a steady, consistent trajectory upward, according to the latest data released by ONS. For most of the last five years, London property prices have been in stellar mode, growing at a pace few salaries could keep up with. Now, areas around the capital city are seeing prices grow, albeit slowly, and surprising many housing experts in the process. There is a great amount of political and economic uncertainty which could be the predominant cause of the shift.

House prices are still growing, just at a slower pace according to the latest housing market figures. Areas East of England are currently seeing the greatest amount of growth where the average house price sits at £285,000. Everywhere else in the UK, the average house price remains around £220,000.

As house prices continue to increase overall, a similar trend is occurring within the remortgage sector. House owners are capitalizing on low interest rates and aggressive lenders and saving money each month at the same time. Low interest rates might not stay around much longer, and property experts are urging those who are considering a remortgage to do so before it is too late.

Richard Snook of PwC commented on the latest data, saying: “Today’s housing market data from the ONS and Land Registry shows a gradual slowdown of house price growth, in line with our expectations that growth in 2017 will be around half that of 2016.”

Snook added: "The key drivers of this slowdown are uncertainty related to Brexit and a softening in the economic outlook."