Many housing experts have been uncertain about what the future holds for the UK housing market since the Brexit vote resulting in the UK exiting from the EU. Negotiations are still taking place which many expect will affect the housing market in some fashion. Through the last several months, the market has proven itself to be resilient and at the same time quite giving, especially to home owners looking to get ahead.

After years of massive house price growth the market has slowed a bit and is expected to see little price increase through this year. This will likely push many house owners to place decisions on hold for a time which will yield more favourable results. Remortgage, however, is still going strong and is expected to remain quite active through this year.

Interest rates were hiked in the first weeks of November last year and that put quite a freeze on many decisions within the market, except remortgage. New highs in the numbers of approvals were set prior to the increase in which the standard base rate was hiked from 0.25% to 0.5%.

Other increases to interest rates are yet to be announced although inflation remains above the goal rate of 2.0% which is set by the Bank of England. An inflation level of 3.0% was actually eclipsed in the month of November. Economic figures heading into this year paint an optimistic view of what the next twelve months hold.

Brian Murphy, head of lending of Mortgage Advice Bureau, commented on the latest housing market data, saying: “For the numbers for 2017 to be so close to the previous year does indeed suggest that we’re going into 2018 with the market in solid shape, which may be assisted yet further by the introduction of the SDLT scheme for first-time buyers along with newly released competitive deals from mortgage lenders which have seen some rates released in the last couple of weeks lower than they were before the interest rate rise in November.”