UK housing market forecasts are rolling out and many are predicting lackluster growth and crawling activity in most sectors. Even this week, data regarding mortgage lending is discouraging moving forward. According to official figures, just slightly more than 39,500 mortgages were approved during the month of November which is a 5% slide compared with the same time last year. Figures from the month of December are expected to be similar to November figures. The remortgage sector however appears strong with high expectations going into 2018.

Mortgage lending appears challenged for the next twelve months according to many close to the housing market. Inflation, slow income growth, and the continued shortage in housing are all combining to impact the psychology of the everyday resident. These factors are even more present when the term uncertain is added to the conversation.

Those currently on the fence in regard to committing to a sale or purchase of property will likely remain there according to housing specialists. In order for them to make an educated decision about moving forward, they must feel confident it is a wise move. The current climate in housing is anything but inspiring, according to experts.

A bright spot continues to be remortgage and the benefits it is potentially able to offer. Lenders are competing with many favourable incentives and those incentives are catching the eyes of many house owners. Low interest rates, low administration fees, affordable closing costs, and the ability to access valuable home equity are all shiny aspects of the borrowers’ market.

This year is closing with a flurry of remortgage activity and many predict the New Year to begin the same way.