The UK housing market has seen unpredicted days so far this year and April data regarding mortgage lending demand is yet another example. The month saw a significant drop in the amount of mortgage lending demand compared with March. According to data from the Council of Mortgage Lenders, mortgage lending dropped off more than 10% month on month. Mortgage loans totaled £18.4bn for the month.

Although lending fell off during the month, many housing experts are pointing towards other spring months through the years and calling this time of the year volatile compared with other times. Mortgage lending was in fact almost 5% higher than during the same month last year.

CML senior economist Mohammad Jamei commented on the latest data, saying: "The housing market appears to be, for want of a better phrase, moving sideways. First-time buyers and remortgage customers appear to be buoying the market.”

Jamei added: "Home movers are having less luck. Their activity has been subdued for some time now and the low number of movers means fewer properties for sale. This supply and demand imbalance will continue to underpin house price values, even as the rate of price rises slows."

The remortgage market is not dropping off by any means. The first few months of the year have proven to be some of the strongest on record as home owners are taking the required steps to save money. Many house owners are realising savings each month of hundreds of pounds.

Housing experts expect remortgage activity to continue due to the surge in inflation and struggle for wages to increase.