UK housing market data has been revealed indicating the start of the year was quite resilient in terms of house price growth and first time buyer activity. Data originating from Mortgage Advice Bureau represents typical figures from the first month of the year. An increase of 0.8% in house price growth was posted compared to the same month last year. The average house price across the country now sits at £245,742. Month on month however, it is a decrease of 1.12%.

January remortgage activity was steady compared with housing expert expectations. The average size of a remortgage during the month of January was £170,102. Month on month, this was a decrease of 1.6% compared with December.

Since the November hike in the standard base rate, remortgage activity has been strong. Activity actually has been strong within the sector since the beginning of last year. Uncertainty and other challenges have been threatening the entire market, yet remortgage has been standing quite sturdy through it all. Low interest rates and continued lending competition has kept the market leaning towards borrowers. Many house owners have found savings of hundreds of pounds off the cost of their current monthly mortgage cost.

Factors affecting not only the remortgage market, but other areas of the market have become common over the last fourteen months. Inflation, new taxes, and Brexit negotiations have created a tough landscape for many.

Brian Murphy of Mortgage Advice Bureau commented on the latest data, saying: “A slight month-on-month decrease in purchase price between December and January is absolutely within seasonal expectations, and reflects the fact that those who are actively buying and selling at the beginning of the year are likely to be in ‘negotiation mode’ to get the deal done.”