House prices in the month of August had a challenging period as they fell at quite a sharp rate. This decline in house price growth was the fastest decrease in growth since the year 2012. Average house price in the UK fell from the July price of £217,010 to the August average price of £214,745. Remortgage activity also slid a bit as the number of house owners seeking a deal or who have already obtained a remortgage deal is falling making an impact on those lenders who are ready to offer deals with low interest rates and special incentives.

Lenders are seeing a fewer number of applicants in search of remortgage lending. The peak moments for obtaining new lending may have passed, but many lenders are still working hard to see borrowers have multiple opportunities to choose from. One of the many incentives home owners have at their fingertips is the potential to receive cash back as they are obtaining a new deal.

Many close to the housing market are pointing their fingers at London in regard to the origin of lower property prices. Prices in the capital city have been on a steep upward trajectory for several years and now they are sputtering, according to figures from Nationwide. Many who resided in the city of London have now chosen to transplant to areas just outside the city in favor larger, more spacious homes. They are finding bigger homes for comparable prices. What once cost them a major price each month for a small amount of square feet is now quite affordable in an area not far from the capital city.