Day to day fundamental data within the UK housing market gives indication of the strength of the market overall and the direction in which it is heading. Over the past few months fundamental data coming out of the market has been in decline in most sectors. This reduction in the amount of activity is being blamed on the snap General Election which is close at hand.

Data from the housing market has been cooling off for months and the reason why according to many experts is almost behind us. House sales have slowed, as has overall mortgage lending. This has led to house price growth weakening in recent months.

Remortgage has even slowed, despite low interest rates, which are still giving lenders ample ammunition to offer attractive deals for most family budgets. Many families have remortgaged resulting in significant savings each month.

Mark Hayward of NAEA Propertymark commented on the latest data from the housing market, saying: “Periods of political uncertainty tend to halt activity in the housing market, and this is exactly what we’re seeing this month.”

Hayward added: “All of the main political parties have outlined significant housing promises in their manifestos and we’d hope to see these policies rolled out in the new Government’s first six to 12 months in Parliament.

“Buyers and sellers alike are recognising this and adopting a ‘wait and see’ strategy to decipher how or if the value of their existing or future homes will be affected.”

Many housing experts believe market fundamentals will quickly correct themselves after the general election.