The cost to rent property in the UK is expected to increase in the coming year, adding to the growing dilemma facing all those in the market for a new residence. For those seeking a new rental property or saving for the deposit on a house, proceed with caution. Experts are forecasting quite a challenging experience for newcomers to the market due to demand still far outstripping supply.

David Cox of ARLA commented on the massive problem of supply and demand of property of all types, saying: “We urge the Government to re-think its proposals around reducing Mortgage Interest Relief, scrapping the Wear and Tear Allowance and hiking up Stamp Duty by 3% on buy to let properties.”

Cox added: “Whilst these remain, the Government’s goal of increasing the percentage of people in home ownership is getting further out of reach. The issue of supply and demand in the rental market will be increasingly pushed to its limit with rising demand outstripping supply.”

The issue of supply and demand within the UK housing market however is not a concern for those looking to remortgage. Time is running out for those considering a remortgage. The Central Bank has made it clear of a rise in base rate coming by the second half of 2016. The rise will be an estimated 0.25% added to the current low interest rate of 0.5%. This rise will affect all those currently holding a variable rate mortgage on their property.

Obtaining a remortgage ensures the mortgage holder of protection against future rises in interest rates. Ultimately, this means possibly saving thousands of pounds over time.