The Brexit vote which took place in June of this year has created not only uncertainty within the UK housing market in the present, but also the short term as well. All activity remains below normal levels as we move forward, and this trend could last for some time according to many close to the market. House sales are lying especially dormant. Stamp duty combined with low numbers of new homes for sale is putting the brakes on many property transactions.

According to the Royal Institution of Chartered Surveyors, a small uptick in the number of buyer interest took place in the month of November. Although this is a positive step since the main selling season ended months ago, the number of available homes for sale did not change.

Stamp duty has been blamed for much of the slowdown in house sales as well. It has affected sales of modestly priced property, but mainly houses with price tags above £5m.

As house sales remain dormant, the same cannot be said for the number of remortgages which have taken place in the last few months. Activity within this sector has been at a feverish pace and house owners are taking full advantage of low interest rates which are still available with many deals.

Simon Rubinsohn, chief economist at Rics, commented on the latest figures regarding the UK housing market, saying: “Although there are some signs that the numbers may begin to edge upwards in the new year, the combination of macro uncertainty, the ongoing supply shortfall, with stock levels around historic lows, and the myriad of tax changes impacting on buyers suggest that any pick-up in ­activity will be relatively modest.”