Any signs of a weakness within the UK housing market are tough to find currently as mortgage lending for original purchases and remortgage lending are both going strong. Overall property lending along with first time buying are both pushing the market forward, according to the latest data from the Council of Mortgage Lenders. This is a surprise to many who thought uncertainty following Brexit along with new tax changes would lead to a slowdown lasting for months.

The latest UK housing market data to emerge points strongly to first time buyers energising the market last year with 339,000 first time buyers realizing their dream of home ownership. That is up 8% in comparison to 2015. Continued expected growth is forecasted for the years ahead, with the catalyst being continued low interest rate mortgages available from lenders.

Mohammad Jamei, CML economist remarked, “It looks likely that first-time buyers and remortgage activity continue to be the drivers of lending. This shouldn’t come as much of a surprise as most government schemes have been aimed at helping boost first-time buyer numbers.”

January data was weak against December, but that in itself is the norm as the first of the year is usually slow.

Home movers have remained steady in their numbers, with last year seeing 360,000 changing home locations. The reason that number has not risen is blamed on the fact there are fewer homes coming onto the market. Most homeowners are finding it advantageous to stay put and continue with low interest remortgage deals.

Landlords are also slowing down in building their portfolios. The reason is likely two-fold, one being that there are fewer properties on the market and the increase in the stamp duty last year that impacted secondary home purchases and landlords. Another change to landlord tax responsibilities is due this April which will reduce their ability to deduct mortgage interest payments from rental profits.

Overall, the housing market is expected to struggle with the nearly the same issues as last year with the main struggle being the lack of supply. Yet, that will not cause a total shutdown as there is an expected 3% growth for 2017.