The Brexit vote held in June has placed significant strain on some sectors of the UK housing market, whilst not affecting others as much. House price growth in particular has been stymied to an extent. Other sectors, like remortgage, have only taken off in recent weeks. This has led many experts to the point of wondering what is in store next.

According to data from Halifax, house price growth is currently struggling more now than it has in the last five years. Within the three months leading to September, house prices lost pace with the norm for the first time in four years. For the quarter it was the fastest prices had declined in more than five years.

Average house price fell off more than 0.4% and settled at £214,140. This contrasts with the second quarter growth which experienced almost 2.0% growth.

As house price growth has been stifled, the same is certainly not true regarding remortgage. The sector remains on fire as many house owners are finding stellar deals from many lenders who remain in quite the competitive spirit. Some owners are able to save more than £500 per month off the cost of their current mortgage obligation.

Chris Williamson of IHS Markit commented on the latest data and implications, saying: "The UK's vote to leave the EU has been accompanied by a clear cooling of the housing market.

"Average prices fell in the three months to September, in marked contrast to the robust growth seen in the first half of the year, registering the first quarterly decline in four years."

Williamson added: “Future trajectory of prices will be very much determined by which path the government decides to choose in taking the country away from the EU, and how bumpy the negotiating route is.

"Any negative impact from Brexit worries will be mitigated by strong fundamentals, including a shortage of housing, high employment and record low interest rates, but IHS Markit's base scenario is one whereby prices fall by 3% in 2017."