In the days following the historic Brexit vote, many within the UK housing market had many different variables to consider. The first part of the year saw activity within the market heightened. And the second quarter saw not only that, but a high amount of consumer confidence as well. The historic vote took place at the end of June and from that time many experts are seeing mortgage approvals, as well as remortgages start to dip in number.

During the month of July, approvals for the purchase of property slid to just under 61,000. This is much lower than the number which was posted during the month of June which was more than 64,000. In fact, this is the lowest number of approvals since the first year of the month of last year.

According to the Royal Institution of Chartered Surveyors, consumer confidence began to slide immediately following the vote and thus far has not recovered. Sales of homes took a nosedive and with it the prognosis for sales in the short term. Commercial property did not even carry its appeal in the days following the vote like it had in the past.

Purchases of homes went on hold after the announcement of the vote. Not only did activity in some areas immediately come to a screeching halt, consumer confidence plummeted. The housing market was in a state of shock similar to many people who expected the opposite to take place during the vote.

Remortgage activity started the year on a high note and has remained relatively unchanged through the last few months. The number of remortgage approvals dipped slightly following the vote, but now is coming back into form following a cut to interest rates.

This cut to interest rates is enabling many house owners to apply for remortgages, obtain approval in a short amount of time, and then start saving hundreds of pounds per month in some cases. This, coupled with access to home equity is causing many to seek out a remortgage and take advantage of these as well as many other benefits of the inexpensive mortgage product.