A rise in the average cost of the UK home will not end any time soon, according to the latest figures. This, along with other fundamental data is supporting the trend of rising house prices, as well as the increase in mortgage approvals. During the month of May, approvals surged by another 500, up from 42,020 during the month of April. In contrast, December of last year saw only slightly more than 36,000 approvals, which happens to be a 20 month low.

Recent data from the British Bankers’ Association is painting quite a clear picture of what to expect in the coming months for the UK housing market. Rising house prices due to a shortage of supply is putting increasing pressure on cost and looks to stay that way for months to come, according to some experts.

Remortgages are also continuing to climb as the official selling season of the housing market is now underway. Many house owners are seeing the multiple numbers of benefits to a remortgage, and thus taking advantage of them. Many house owners are still unaware of the process of remortgage, and the discovery of it can prove to be quite jaw dropping. It is possible to obtain a lower monthly house payment and free up available cash to be used for old debt, holidays, or even home renovation. Remortgage applications can be found online now and completed at any time.

Howard Archer of IHS Economics commented on the current state of the UK housing market, saying: "We suspect housing market activity will continue to improve amid generally supportive fundamental and reduced uncertainty following the General Election.”

Archer added: "Meanwhile, a shortage of properties coming on to the market is currently exerting increasing upward pressure on house prices."