November mortgage approvals at record level are painting a positive picture of the UK housing market as well as the high amount of consumer confidence regarding other issues of economic significance. The data says nothing more than UK residents are feeling optimistic about the outlook for the economy, especially the housing market. Experts claim this increased activity in the housing market says much about the forecast into the first and second quarters of this year.

Mortgage approvals during the month of November hit a level not seen since figures of August of last year, although consumer credit grew at robust levels as well. Additionally, consumer borrowing for the Christmas season was quite strong.

Howard Archer, chief UK and European economist at IHS Global Insight, commented on the current state of the housing market, saying: "The Bank of England data suggest that housing market activity is still pretty buoyant, although it appears to have levelled off recently.”

Archer added: "It may well be that a shortage of properties on the market is limiting housing market activity."

A shortage of properties available for sale is one of the prime factors in housing costs continuing to be pushed upward. This is also a factor leading to increased numbers of house owners looking to stay in their current dwelling and remortgage instead of moving home.

Remortgage activity is at an extremely high level currently and is expected to stay there for months to come, according to many close to the UK housing market. The remortgage process has been streamlined recently. Applying for a remortgage and obtaining one online has never been easier.