Uncertainty has plagued the UK housing market since politics and other newsworthy headlines highlighted our days just months ago. This uncertainty laid the groundwork for expert opinions and forecasting to run rampant with every scenario being considered. Now, things are becoming clearer. Stressful moments are becoming less frequent. Short term expectations are becoming more concrete. And the remortgage sector continues to be on fire.

What occurred throughout the UK housing market last year will likely not happen again. A market which was expected to feel pain and run into potentially massive problems, didn’t. After the historic Brexit vote and new tax laws came into effect, a slowdown was forecasted followed by little growth. The market is now thriving and has since late summer.

Fueled by first time home buyers and those moving home, mortgage lending has been on quite a run as of late. And remortgage has been off the charts strong.

First timers and house movers borrowed a combined £128bn in 2016. Year on year, this is an increase of 7%, according to the Council of Mortgage Lenders data. This trend could continue according to many close to the market. Interest rates play a bigger part in the continued strength of the remortgage sector, however. There is talk of a possible hike in rates by the beginning of Q2.

Currently, lenders are locked in a heated competition for new clients. Remortgage applicants are still finding attractive deals making it possible to save big off the cost of the monthly mortgage payment.

Founder and CEO of eMoov.co.uk, Russell Quirk, commented on the latest housing data, saying: “Not only did prices see an increase of 7.2% annually, but heading into what is a quiet time of year for the market, an increase of 1.4% in prices and an uplift of 0.2% in transaction volume month on month, is a promising sign indeed for the year ahead.”

Quirk added: “This latest market insight should spur a renewed confidence in UK homeowners that we have very much weathered the storm and that UK property is an attractive a proposition as it has ever been, whether you are buying or selling.”