Economic experts are worried about the housing market and that a housing boom could be growing.  Yet, buyers and homeowners are feeling the benefit of a growing market that they have been waiting on since the recession began.  Consumer confidence is growing, interest rates remain affordable and lenders are offering attractive offers. 

According to a housing market survey by Halifax, the Housing Market Confidence tracker, confidence has grown to a high level of three years which is when the survey started.  There are as many as 56% of the British adults surveyed that believe that it is a good time to sell up within the next 12 months.  Homeowners at 62% believe it is a good time to sell.

Economists are concerned that the rising house prices will put properties out of reach of many.  Supply is dwindling against the rise of demand from home buyers.  The Halifax survey showed that consumers are aware of the rise in house prices with 71% predicting an increase in the average UK house price over the next year between 5% and 15%.

Some homeowners are indeed selling off their starter home and looking to upgrade to a larger property as first time buyers have returned to the market.  However, many are taking advantage in the rise in equity and are seeking remortgages and staying put.  Lenders have been offering cheap remortgage deals that are irresistible with some homeowners likely choosing to pay penalty fees for ending their current mortgage early in the effort to gain a fixed rate at a cheap interest level.