The UK housing market experienced quite a jolt to consumer confidence following the historic Brexit vote in which citizens chose to exit the EU. The result quickly led to housing activity being placed on hold with many sales of homes abandoned or at least postponed. Other activity slowed as well.

Much activity within many sectors of the housing market has now stabilised, according to Royal Institution of Chartered Surveyors. RICS is now forecasting house prices will likely increase in value over the course of the next five years, averaging about 3% boost per year.

Demand for homes is helping to maintain the high prices for homes, and the shortage of available homes is also benefitting.

Simon Rubinsohn of RICS commented on the latest data, saying: "There are clear signs that the housing market is settling down after the initial surprise of the outcome to the EU referendum.”

"Buyer enquiries did dip again in August but only modestly, and more significantly, sales expectations are beginning to edge upwards once again.”

Rubinsohn added: "It is likely the swift response from the Bank of England has played a role in helping to support confidence."

RICS also noted the increase in confidence in the market can be attributed to the quick response by the Bank of England and the cut to base rate. This cut has greatly assisted home owners carrying mortgages as well as those seeking a house to buy and those remortgaging.

Remortgage figures are down slightly from the beginning of the year, but are starting to make a comeback.