Many close to the UK housing market postulated how the months following Brexit would pan out. In the weeks immediately following the historic vote, many were hanging in the balance and chose to pull out of major purchases or at least place them on hold. This led to uncertainty of the next stage of the market and significant impact to the level of consumer confidence. Since the conclusion of the month of August the housing market has been in an upward trajectory with house prices quickly recovering followed by a surge in mortgage lending.

The days and weeks of the Brexit vote indicated two things. One was the lack of confidence in the market overall. Secondly, doubts of whether or not house prices would continue its upward trend. Months later, these and other questions are now being answered.

August posted more than £12bn in mortgage lending which is a 14% month on month increase from July. First time buyers also showed up at the doorsteps of lenders as they borrowed almost 25% more this August than last year.

This along with other significant data has led experts to believe the housing market is officially in full recovery phase since the June vote. The vote in June unexpectedly resulted in UK citizens deciding to exit the EU.

Paul Smee, director general of the Council of Mortgage Lenders, commented on the latest figures, saying: “House purchase activity bounced back from a dip in July, reflecting resilience in first-time buyer activity.”

Remortgage activity remains strong as households continue to take advantage of ultra-low interest rates and a competitive lending environment.