The official start to the summer selling season of the UK housing market has begun. Current house owners are beginning their quest for a possible move home and first time buyers are taking time out to search for a first residence. The political effects of the past few months are taking their toll however, on a normal selling season. Demand is down, supply is down, and growth in house prices is stalling. The one sector which remains quite active is remortgage.

House price growth has deteriorated so much in fact that house prices decreased this month. It was the first time since the middle of 2009 for this to occur.  

Remortgage activity continues at a better than modest level and house owners are benefitting. They are cutting monthly outgoings and feeling the weight of financial stress and burden leave them for the time being. Home equity across the country is being utilised in numerous ways and families are being able to renovate their homes, pay off old debt, and take themselves on holiday for the first time in ages.

Miles Shipside of Rightmove believes time prior to the election could have caused the erosion in other sectors.

Shipside commented: "The price of property coming to the market had increased in June in every year since 2009, so buyers' confidence has clearly been affected by inflation outstripping their pay packets and current political events.”

Emoov executive Russell Quirk added: "Anyone that claims the political landscape has no direct impact on the UK housing market need only to look at the latest index from Rightmove to be told otherwise.

"With the snap election in June, it is no wonder price momentum stalled as both buyer and seller alike held off until some greater stability for the nation was decided. Unfortunately, stability was the last thing we received at the start of the month and so not only will this period of uncertainty now be prolonged, but it is likely the market will continue to splutter where price growth is concerned."