First time buyers could be facing the toughest times ever when it comes to purchasing a new property. UK house price growth has been in overdrive mode for months now pushing prices higher and higher. Inflation is another factor in opposition to the group looking to purchase their first home. Add to that wage growth, which is not helping matters at all. When compiled, these barriers add up to one thing for first time home buyers. This could be the biggest challenge they ever face buying a house.

UK housing market first time property buyers are staring at a looming mountain in many cases. On top of normal challenges faced by the group, they are forced to come up with massive amounts of deposits. Increasing home prices has created an environment of stress and disappointment. In addition to financial burdens, first timers also face restrictions when it comes to their pets.

The latest data released reveals how strong remortgage activity is and could possibly remain. The month of February has posted numbers indicating more remortgages have been completed during the month than any other month in eight years, according to data from LMS. The conveyance firm reported an increase of remortgages month on month of 8%, reaching a total of 43,967. This is an increase of more than 40% compared to the same month last year. It is also the highest amount attained since the first month of the year 2009.

UK house owners hesitating during this time of prime remortgage season could be missing out, according to many close to the housing market. Interest rates are low. Inflation is surging. There are no immediate indications of falling house prices. And, lenders are biting at the bit to find more clients who are suited to remortgage. These factors make for a current condition similar to a perfect storm in weather terms.

UK house owners considering a remortgage are being placed in a unique personal situation currently. Home ownership is down to a point it has not seen in thirty years. This could be due to inflation or the fact that home ownership is so difficult for first time buyers due to high cost. Whatever the reason, those looking to remortgage are caught these days potentially thinking it is better to sell instead of remortgage. Brexit and other occurrences last year has caused much uncertainty for what will come next.

There is much talk regarding the short term expectations of the UK housing market. Experts claim house price growth will soar within two years following a sturdy period of stabilisation. Other economists claim millennials are souring over the market and see no opportunities in the coming years due to high prices and low wage growth. And yet others see this as the best time to remortgage based on interest rates and lender competition. Uncertainty remains the predominant theme currently and that will likely not change until negotiations are concluded after the triggering of Article 50.