The UK housing market faced an uphill battle in the days immediately following the historic Brexit vote. Experts close to the market were unclear of the overall direction the market would take in regard to buying, selling, mortgage lending, and remortgaging. Now, however, the short term futures of many sectors are starting to come into focus.

According to the latest data from the Royal Institution of Chartered Surveyors, fears regarding possible fallout from the referendum were overblown. House prices have not taken a fall as previously feared. Many of the purchases which were placed on hold prior to the vote eventually took place. And remortgage activity has bounced back with many house owners following through with plans to move forward and obtain a new fixed mortgage product for their property.

Simon Rubisohn, economist with RICS, commented on the cut to the base rate, along with consumer confidence, saying: “There are clear signs that the housing market is settling down after the initial surprise of the outcome to the EU referendum, ….It is likely the swift response from the Bank of England, both in terms of the lowering of the capital buffer and the cut in interest rates, has played a role in helping to support confidence.”

Along with the market slowly returning to normal, it appears foreign investment in the UK housing market remains anything but weak. High demand for property outside the city limits of London is becoming more popular. Less than high profile properties are peaking more interest due to the change in stamp duty. This puts them in direct competition with landlords and first time buyers.