According to January’s House Price Sentiment Index, or HSPI, optimism is strongly backing the idea of property price increases for the coming year. In recent years, house prices have been skyrocketing across the country thanks to demand far outstripping supply – a trend which is set to continue due to massive shortages in available property. Property prices topped out last year at an average of £288,000 outside the capital city. In London, prices increased almost 10% during the year to reach a peak in November of £537,000.

Tim Moore with Markit, commented on the latest data concerning UK house prices, saying: "UK house price sentiment was little-changed overall at the start of 2016, with households across all regions continuing to anticipate rising property values over the course of the year.”

Moore added: "Historically, this index has been quick to signal upcoming changes in property market conditions. As a result, January's strong survey figures suggest that UK house price sentiment has so far been resilient in the face of recent global financial market jitters and a more gloomy economic news flow."

Along with an overall acceleration in house price growth, remortgage activity is competing heavily to keep pace. During the last three months of the year, remortgages became quite popular with many house owners who were riding the fence ever since the news of a possible increase in interest rates. Those house owners are now saving many pounds per month in mortgage payment cost and have accessed cash in home equity to be used for urgent needs.