Last year the UK housing market saw uncertainty and modest gains forecasted for the short term and opinions varying widely on the long term. So far this year, sectors are starting to show signs of a possible slowdown, especially in house prices. According to property website Zoopla, house prices have fallen £1,000 per property since the beginning of 2017.

The loss of property value was not limited to one area of the country. The south-west of England has witness the sharpest fall in value at 0.6%. The area with contrast to falling prices, but a rise in property value is Wales. Values increased in Wales so far 0.4%.

As house prices are modestly falling, the same level of progression cannot be said about the remortgage sector. Activity remains quite high and experts see the sector continuing on the same path for the near future. Interest rates are the key, and an increase seems unlikely for at least the next few months. The process of remortgage approval is now streamlined and house owners are seeing results in only days.

Lawrence Hall of Zoopla commented on the latest data, saying: “The softening in values and continued low mortgage rates are positive news for first-time buyers trying to get on to the property ladder.”

Hall added: “These prospective homeowners will be pleased to see a decrease in overall property values as seemingly unstoppable growth has pushed many areas out of reach in the past year.

“It’s also encouraging to see the resilience of the Welsh property market which in the past has often lagged behind England and Scotland.”