As the country nears the possible changes all that Brexit has in store, the UK housing market is already showing signs of serious slowdown. Buyer demand for available housing has slowed down and actually dropped to a six month low during the month of February, according to the Royal Institution of Chartered Surveyors. Thursday the monthly survey of estate agents was published indicating enquiries had fallen on the unique measuring scale from 3 in January to 0 the following month.

Housing market experts believe house price growth will slow significantly during the year as inflation erodes the ability for house hunters to pay asking prices. Brexit is also being blamed for falling levels of activity within the market. RICS described key indicators of buyer interest and related activity within the market as “subdued.”

RICS also mentioned: “New buyer enquires seem to have gradually lost steam over the past few months. Near-term expectations remain positive but point to a relatively modest rise in activity in the months to come.”

Although house buying demand has fallen, remortgage activity remains steady. Lenders remain competitive for the next wave of clients and that means offering deals suited to any financial situation. Interest rates remain quite low which is giving lenders the ability to offer deals to help save money. Remortgage interest has therefore remained quite strong despite drawing nearer to the possible impact the Brexit vote will have within the housing market.

House owners remain confident and are not sitting on their hands in regard to remortgaging. Experts claim now is more than likely the best time to remortgage compared to waiting for months to see the true results of the Brexit vote.