The housing market in the UK has again surprised experts. Many had suspected that a cool down was occurring, but in November there was an increase for the first time in eight months according to Halifax. The house price index revealed that there was an annual increase of 6%, putting the average UK house price at £218,002.

In a month to month comparison, house prices grew from October to November by 0.2% and 0.8% in the three months to November.

Demand has continued to be strong for both mortgages and remortgages in lending due to low interest rates offered by lenders. However, as predicted that some lenders would begin to pull their cheapest deals, HSBC pulled their 0.99% two-year fixed rate deal off the market.

This trend of lenders pulling their cheapest deals will likely continue despite the Bank of England leaving the standard base interest rate unchanged. This puts pressure on the homeowners that have waited to get a remortgage deal with historically low interest rates as well as hopeful home buyers shopping around for a property.

The homeowners that might want to take a second look at the remortgage deals available are those that have had their deal end and have moved over to their lender’s standard variable rate (SVR) and those getting close to having their current mortgage deal. Even those homeowners in the middle of deal should consider shopping around while deals are so attractive, for even with a fee involved in ending a deal early, homeowners might save with such low interest deals available.