The UK housing market is in a state of limbo currently, with the only active group being first time buyers. The group has taken over the bulk of what is trending, while other home owners are lagging behind to levels which are similar to pre-crisis, according to the latest available data regarding the housing market. The proof is in the statistics which is demonstrated in the number of first time buyers who obtained a mortgage in the year 2014. More than 311,000 were approved for a housing purchase, according to the Council of Mortgage Lenders.

First time buyers became ghosts in a way during the first few years following the economic meltdown. That trend is now moving in reverse with the help of government sponsored products like the Help to Buy programme. It makes it possible for first timers to compile the amount needed to jump on the first rung of the property ladder.

Whilst first time buyers are flooding the market, the number of remortgages across the country remains at low volume. This trend began at the beginning of last year and has yet to get back on its feet.

Many home owners are still unaware of the vast number of possible advantages a remortgage can provide. The most beneficial of course is the amount of money which can be cut off the normal cost of a monthly mortgage payment. Sometimes house owners can save hundreds of pounds per month. That is just the beginning. Extra cash is freed up during the process of gaining approval on a remortgage. This cash is then able to be used on things such as home renovation or paying off school loans.

As first timers continue to purchase and remortgages remain at less than stellar averages per month, the country is anxious to see the results of the upcoming general election.