There are varying degrees of belief in the strength of the UK housing market currently, but many are in agreement that the fundamentals of the market are undoubtedly strong. One of the signatures of strength within the market is the short term expectation of house prices. During the month of May, house prices cooled off in the days leading to the historic Brexit vote.

According to the latest data from Halifax, house price growth for the year during the month of June was less than 8.5%. Within the month of May, house price growth was well over 9%. These figures highlight the slowdown which is currently taking place in the market. June house price growth matched that of July 2015.

Remortgage activity however has been at a high level for months and no indications point toward a slowdown. Many house owners are benefitting from low interest rates and low administration costs.

Martin Ellis of Halifax commented on the latest data to surface, saying: “House prices continue to increase, albeit at a slower rate, but this precedes the EU referendum result, therefore it is far too early to determine any impact since.”

Ellis added: “There is evidence that the underlying pace of house growth may be easing".

Others believe stronger in the housing market slowdown, including Howard Archer of IHS Global Insight.

Archer commented, saying: "We believe that the prospects for the housing market have deteriorated markedly following the Brexit vote.

“Housing market activity and prices now look to be at very serious risk of an extended, marked downturn following the UK’s vote to leave the EU."