The Bank of England’s announcement months ago regarding the probable base rate hike has not discouraged the positive outlook many Brits feel towards the UK housing market. Belief that house price growth will continue at a strong pace is especially remaining intact as well as optimism towards other aspects of the market.

Almost 70% of Brits are expecting average property prices to be higher within the next twelve months compared with only 5% believing average prices will be lower, according to Halifax. However, the majority of those involved in the survey think the next year looks like a poor time to sell, as the base figure fell seven percentage points to 52%. This is the lowest level of the past twelve months.

The belief that mortgage rates will be higher in the next month has gone through a shift in the last few months as almost 60% believe they will be higher compared with less than 50% during the quarter prior to this quarter.

Craig McKinlay, mortgage director at Halifax, commented on the latest data surrounding the issue of house prices, saying: “The factors behind the upward pressure on house prices include the continued lack of second-hand properties for sale on the market and the availability of low mortgage rates.”

House prices and the short term outlook is one sector of the housing market which is heavy discussion at the moment. The other hot topic is the amount of remortgage activity which is currently taking place. The remortgage sector has not been hotter in some time. Attractive deals are still available which many house owners are taking advantage of. Remortgages are now obtainable online at any time.