The UK housing market is beginning to show signs of a cooling off period, according to some recently released data. House sales are slowing with many house sellers waiting for extended periods of time to see interest in their properties for sale. This is prompting many to reconsider the price of their properties and decide on a lower listed price.

Many estate agents are making sheepish predictions concerning the near future. They believe there will be more slow down and decreases to the number of transactions overall. This includes all types of mortgage lending.

Currently, remortgage lending is going strong with only stronger amounts of activity being posted during the last few months. House owners are still finding attractive deals from many lenders enabling them to save hundreds and sometimes thousands off the cost of the monthly mortgage payment.

Remortgage lending could become part of the slowdown if interest rates happen to go through an increase. There has been talk of a possible increase by the second quarter of the year, but that is only speculation at this point.

Miles Shipside, director of Rightmove, commented on the latest issues facing house sellers, saying: “Sellers are always keen to hear good news, and with agents struggling for fresh stock, the temptation can be to go for a higher price to impress potential sellers.

“But if the price is too high then it will take longer to sell and [the property] will stand out as stale and would-be buyers will start to wonder what is wrong with it.”