Recent data from the UK housing market reveals forecasts of a sluggish housing market this year might not be far off. Figures from the Royal Institution of Chartered Surveyors suggest interest in property is weaker in February than in January of this year. The official reading of -11% in January increased to a reading of -16% in February. This reading is a primary indicator of future activity within the housing market. The worsening in the reading month on month suggests interest in property continues to diminish.

Housing experts have forecasted the housing market in 2018 will likely not be bustling with activity. The prediction was loosely confirmed as figures from RICS indicate surveyors are seeing interest fall off during the first two months of the year. This is a surprise to some however who felt the elimination of stamp duty charge for first time buyers would prompt more interest to purchase property.

Some feel the standard base rate increase in the month of November last year is also affecting the market. Both factors are likely negatively influencing the outlook of those looking to make a decision to purchase property or even sell property.

Remortgage activity continues to be strong through the first two months of this year. House owners are still able to find favourable deals from lenders looking to attract borrowers before the next potential rate increase. The Bank of England has hinted at raising the standard base rate during the month of May this year. The current base rate sits at 0.5%.