According to recent economic data, the turbulent economic year has taken its toll on the London housing market. House price growth has been slowing down and is now at the lowest pace in three years. Data compiled by Hometrack indicates growth in housing now sits at less than 8%. Year on year comparison shows this is more than a 3.5% decrease compared to December of 2015.

Policy changes as well as the historic Brexit vote which took place in June both had a negative impact on housing, but especially in the capital city of London. Stamp duty is also being blamed for the slowdown.

One area which refuses to slowdown however is the remortgage sector. Lenders continue to offer quite attractive deals which include low interest rates and just as low administration costs. The process itself is also attractive as it has been streamlined and is now able to be completed in seemingly very little time.

Richard Donnell of Hometrack commented on the latest data, saying: “London house prices are elevated, affordability is stretched, and the market has lost a lot of momentum. People aren't rushing to sell, but the short-term moves in house prices are about changes in demand, which has softened significantly."

Many homeowners are opting out of selling their current residence and instead considering remortgage instead. Many are still unaware of the numerous benefits a remortgage can provide the balance sheet of a household. Saving money off the cost of the monthly mortgage payment is just the beginning. Valuable home equity is also able to be accessed.