UK housing market mortgage lending made up more ground during the year 2014 and many were encouraged about the prospects for 2015. That year is now concluded and figures did not disappoint. Last year mortgage lending posted almost a 10% increase from the previous year with a total of more than £215bn agreed upon. This is sizable growth in activity but is not equal to the level of mortgage lending seen during the year 2007, just prior to the economic crisis which plagued so many countries beyond just the UK.

Mohammad Jamei of the Council of Mortgage Lenders commented on the latest data from the housing market, saying: "The low inflation environment, along with real wage growth, an improving labour market and competitive mortgage deals have all helped to underpin demand."

A shortage in supply within the market is expected to continue through this year and beyond. This will sustain the current condition of demand far outstripping supply. House growth will feel upward pressure and respond accordingly by going higher, according to experts within the housing market.

Economists are forecasting the trend of increasing price growth of properties to continue well into this year. There is also an expectation for remortgage activity to maintain a higher level than normal. This is due to several lenders competing hard for business in an attempt to start the year off on a high note.

Since public notice of a possible rate rise, house owners have been bustling to discover deals for a remortgage and taking advantage of those deals. Many expect the high level of remortgage activity to continue for several months.