Years of UK housing market house price hikes have led to successful estate agencies and a more valuable housing market overall, but have left many potential house buyers in its wake. Now, house prices are turning around for those seeking to possibly buy in the coming months. So far this year, house prices are down almost 2% compared with the same time last year. This is good news, especially for those looking to settle into a London flat.

According to the latest report on affordability within the capital city, it would take the average single Londoner almost 20 years to save the required 15% deposit on a home. Data from Hamptons International also indicates it would take a couple more than 10 years to save the required 15% down payment.

According to online agent eMoov, the average London flat now costs 12 times the average salary of a resident of the city.

Martin Ellis of Halifax commented on the latest data concerning house expense, saying: “House prices have stagnated over the past three months.”

Ellis added: “Housing demand appears to have been curbed in recent months due to deterioration in housing affordability driven by the sustained period of rapid house price growth during 2014 to 2016.”

House owners have found more security through the years as they have seen the value of their property rise via house price increases. They have also discovered the value of the mortgage lending tool remortgage. The sector of remortgage is now going strong and as house price increases cool off, house owners may seek to consider home remortgage instead of moving home. This action has saved money for many owners, and could potentially take off in volume once again.