The UK housing market is now seeing discounts up to 10% on achieved prices of property for sale in London, according to recent Hometrack figures. House price growth has slowed in the capital city and now the gap is widening between asking and achieved prices. The market has been in a cool off mode since early fall of last year and the temperature continues to drop, according to housing experts.

Overall, house price growth has slowed to a level not seen in quite some time. It now sits at 5.4%. This figure has been amplified by the state of achieved property prices in inner city London. Prices there have been falling in a concentrated manner and are of concern to many sellers. The property market in the capital city is now being considered by many officially as a buyer’s market.

As the gap widens in selling price and actual purchase price across the country, remortgage is continuing its strong run. Many house owners are finding attractive deals with lenders of all types. Low interest rates combined with lender competition is maintaining an environment suited to finding a favourable mortgage lending package.

Some experts believe the demand for remortgage will continue through much of this year. They also though follow that belief with a word of caution. Interest rate hikes tend to take place when inflation is increasing and the Bank of England intended to gain control of inflation in November when the rate was greater than 3%. It is not possible for anyone to predict the future, so house owners who have not remortgaged at this point are urged to consider it soon, according to housing specialists.