In recent years, the London transaction volume for property being bought and sold has been constant and significant in terms of volume. The latest data indicates factors such as new tax laws, Brexit uncertainty, and stamp duty changes have stifled growth. London property transaction volume is now down almost 20% compared to last year.

Impact to the market has now reached a level which is undeniable, according to property builder Berkeley. With uncertainty surrounding final Brexit negotiations and other changes to taxation and stamp duty, the London level of activity in housing has slowed in the last twelve months.

After years of heavy growth in the price of property, housing in the capital city is now hard to obtain. Affordability is now combining with other strong factors making the first rung on the property ladder a hard place to attain.

However, after reaching the first rung of the property ladder, property owners are finding great success when attempting a remortgage. Several factors, including historically low interest rates, have created a remortgage environment in which success comes easy and the ability to thrive occurs without much effort.

Still today, after the hike in base interest rate occurred last month, lenders are offering attractive deals with extremely low interest rates and low, affordable closing costs and administration fees.

The London property scene is struggling currently in terms of transaction volume, but predictions for a strong 2018 are rolling in. The remortgage market is also expected to thrive in 2018 and help those who reach early rungs on the property ladder, regardless of where they call home across the UK.