There is a noticeable chill in the air surrounding the UK housing market and many experts are pointing the finger at the snap general election. House sales have now fallen two months in a row which is quite an oddity. House price growth is in negative territory overall on average. Rental property prices are also falling year on year. These are not normal occurrences for a housing market which has been boasting strong fundamentals for years.

Even as housing market figures are not up to many forecasts for the year, one has remained strong and continues to prop up the market. That is remortgage.

Interest rates are at historic lows and many house owners are moving their feet and choosing to remortgage now as opposed to waiting for later. According to many lenders, house owners can still save massive amounts of money off the cost of the monthly mortgage payment.

In addition to saving money, they are accessing valuable home equity which can be used for paying off old debt, sending a family member to university, or start work on a home renovation.

Simon Rubinsohn, chief economist at Rics, commented on the latest data regarding the housing market, saying: “It is hard to see this as anything other than a major obstacle to the efficient functioning of the housing market.”

Many estate agents have also noted the lack of available properties on the market for sale as cause for concern. Estate agents have seen a decline in the number of houses for sale in the last 30 days. Estate agents reporting a decrease in the number of properties placed on the market for sale outnumber those reporting an increase in the number of properties placed on the market for sale by 25%.