Political changes and other events which took place last year are still affecting the UK housing market. This year has seen a mixed bag of data so far, especially in the area of house price growth. What has been taking off like a rocket for years is now slowing down. This slowdown has been quite noticeable, but not any more than in the city of London. Only twelve months ago, house prices in the capital city were rising at a pace of 15% per year. Now, according to figures from the Office of National Statistics, home prices in London have increased only 1.5% for the year to the beginning of April.

Many house owners who are considering a move in the short term are not thrilled to see house prices become stagnant. Those who fall into the group of first time buyers however, feel differently. The group which remains challenged to produce enough for a down payment on a property due to cost is elated. This means house prices could become affordable for many in the group who have looked at the market and seen nothing lately except rental possibilities.

For current house owners, remortgage remains a solid choice when ending the current term on an original mortgage. Interest rates remain low and lenders are offering deals suited for most households. Many are finding significant amounts of savings in a new deal.

Samuel Tombs, economist with Pantheon Macroeconomics, commented on the latest data, saying: "It is now abundantly clear that the housing market is in its softest patch for several years.

"Looking ahead, it is very hard to see growth in central London prices recovering, given that valuations look stretched, the financial sector is facing an uncertain post-Brexit future and volatility in sterling is undermining property's safe-haven appeal for overseas investors.”

Tombs added: "Across the rest of the UK, house price growth looks set to remain dampened by sluggish growth in wages and the loan-to-income limits imposed on lenders."