According to experts, house prices are expected to continue rising during the coming year. There are several factors for the continued strong demand from buyers, including consumer confidence, wage earnings growth, low supply of available homes in the market, and continued low interest rates being offered by lenders. However, according to some, house prices will continue steadily rising not just in 2016, but over the next five years.

There is great concern that there will be even more difficulty for home buyers to get approval. Deposits must climb with the rising prices and currently, according to the Mortgage Advice Bureau (MAB), the average deposit in the UK for December was £81,721. This marks the first time that it has risen above the £80,000 level since they began keeping data in 2009.

The MAB reported that the average purchase price in the UK amounted to £256,984.

For first time buyers, getting a deposit is still noted as an obstacle to home ownership.

While home buyers are finding low interest mortgage deals still available, so are homeowners. Lenders are also offering attractive deals for those seeking a remortgage. This has offered the ability for many to release equity built in their property into cash. Debt consolidation, debt pay-off, and items with large purchase prices are available when cash equity release remortgages are found.

Experts have encouraged those seeking a remortgage or a mortgage to begin shopping around early for the best deal. While interest rates are not due to change soon, there is still a possibility they will within the first half of the year. Once rates begin to increase, the cheap remortgages and mortgages will soon disappear.