House mortgage lending took a major step backward last month as the lowest number of mortgages in twenty four months was approved. This furthers the claim from many experts that the UK housing market is slowing and could possibly even see house prices falling in the coming months. Falling prices would be in stark contrast to the climate over the past several years in which house prices saw meteoric rise.

Lower mortgage lending although has been offset by heavy amounts of consumer spending last month which indicates a higher amount of consumer confidence in the economy. This places the Bank of England in a unique position and questions whether or not it needs to cut interest rates for a second time this year.

Next to mortgage lending, remortgage activity continues to excel. Since the historic Brexit vote, this sector has continued to improve and then interest rates were cut. Those considering a remortgage not only did so, but did so in with enthusiasm. Remortgage approvals have been off the charts as of late and many experts believe this will only continue.

IHS Global Insight economist Howard Archer feels the country will likely see house prices fall 3% in 2017.

He commented on the current economic state of the housing market, saying: "Housing market activity is likely to be increasingly pressurised by appreciable uncertainty following the UK's vote to leave the EU.”

Although there remains uncertainty within the UK housing market concerning the months ahead, many experts feel remortgage conditions will likely remain favourable.