Buyers are still staying away from the housing market according to recent data from top surveys.  Homeowners are choosing to stay put rather than upgrade and many are seeking out remortgages.  Some are seeking out remortgages for the low interest rate and plan to stick for a while as the economy struggles.  Others are choosing to remortgage to fund improvements and renovations to better their home rather than seeking a change or upgrade.  Data shows that homeowners are remortgaging more than buyers are purchasing.  The Bank of England’s recent data showed mortgage purchase approvals had dropped in September while remortgages had increased. 

House prices are improving overall in the UK but much of the average growth has to do with the ever improving levels of house prices in the London area.  Outside of that area many are declining still in double digit percentages for the year.  According to the Nationwide Building Society house price index there was an increase of 0.4 per cent for the month of October.  The increase followed an increase in September of 0.1 per cent.  Some economists expect the odds to be for further decreases rather than increases in the months ahead.

The economy is expected to remain weak and this will mean the housing market will remain weak as well.  Nationwide’s Chief Economist Robert Gardner commented on the recent house price index in regard to the economy and said, "Given the challenging economic backdrop, October's data is encouraging, but it doesn't fundamentally change the picture of a housing market that is treading water.”