The general election is approaching soon with looming issues to be faced within the UK housing market. George Osborne has made an announcement to positively affect the market by offering help to buy ISA’s. As he makes an attempt to assist many who normally could not afford a house to obtain one, prices continue to creep higher. This, for many, is rolling a ball downhill towards a possible bubble within the market.

Housing prices have been inching upwards for months now and the trend looks to continue. Although original mortgage loan lending as well as remortgaging has not started the year on fire as opposed to last year, housing prices are still rising. In London, the year 2013 was especially fruitful. Prices rose year on year by almost £40,000. Logic would say that the increase mainly applied to luxury flats. Not the case. The increase was applicable to average flats within the capital city.

Last year saw the average London flat cost rise to £475,000 and this year has seen similar numbers. The average cost of a flat now sits at £500,000.

Fewer numbers of people are able to afford a flat and along with stricter guidelines set for borrowers outside those seeking government assistance, housing seems out of reach. First timers are feeling out of luck and ready to start saving.

For those looking to move home after reaching the first step of the property ladder, there is a viable option which is quite appealing and working well. It is a remortgage. A remortgage gives a house owner the ability to obtain a lower monthly mortgage payment, whilst gaining a load of cash in the process. The extra cash could be used for renovations, a family holiday, or to pay off old debt.

Remortgages can be found online at any time.