Based on housing data from the month of May, the market appears to remain subdued for the time being. Aside from the majority of the data remaining flat, there was one area which did indicate improvement - housing supply. The number of homes placed on the market for sale increased in May to reach a positive level for the first time since 2016, according to figures from the Royal Institution of Chartered Surveyors. This is encouraging for estate agents who are looking to improve their supply offered for sale.

Strong demand for remortgage in the months of March and April indicate more home owners are taking advantage of a lending tool with many benefits. In the month of April alone, an increase year on year of more than 44% in remortgage points to a higher profile for a mortgage loan which has not been this popular in several years. Demand has increased for remortgage to a high in January not seen since 2009. During that first month of the year, more than 50,000 remortgages were obtained.

House price growth within the housing market has been strong over the last decade and it is the main reason many believe so few can gain access to the property ladder at this time. Currently, many working families in Wales and England are being forced to trade in their properties in exchange for smaller size homes. According to an analyst from Savills, taking on a smaller property is the only way for many to be able to afford a home in this market.

First time buyer activity in the month of April took off, totaling more than 26,500. This is an increase of 3.5% compared with the same month a year earlier. Increases in wage growth as well as government assisted programmes are points of possible increase, according to the latest housing data. UK Finance figures also indicate remortgage had an incredibly strong month in April with fixed rate deals leading in popularity. Talk of a possible interest rate increase in the month of August appears to have prompted many to act now instead of waiting to see if this hike is successful.

Remortgage activity in recent months has soared. This is due mainly to historically low interest rates and lender competition eager to offer deals for those who see their current mortgage deals approaching maturity. Housing experts see this as an almost perfect time to consider a remortgage and obtain a lower interest rate.

Homeowners in the start of the second quarter of the year were facing a warning of possible interest rate increases by the Bank of England’s Monetary Policy Committee (MPC). Such a decision could cost some owners thousands of pounds in lost savings if they failed to obtain a low rate through a remortgage. This pushed more homeowners at a higher level than the same time period last year to seek out remortgages by an increase of over 30%.