House prices in the UK slipped and fell slightly during the month of December as uncertainty remains a constant entering the New Year. This is the first fall in house prices across the country for six months, according to Halifax. A decrease of house prices by 0.6% now has the average house price sitting at £225,021. House prices are typically a primary sign of strength of the market and currently conditions are not at a prime state to reflect that. Many experts are predicting a minor fall in house prices this year as well.

Over the past ten years the city of London has experienced an increase of more than 70% in house price growth. Those types of predictions are currently not the case as many have estimated house prices for the capital city will slide by about 1%.

Mortgage approvals are flat currently and are not expected to see any movement up or down for the next few months. Those who planned to sell or buy property in the first part of last year remain on the fence which is illustrated in housing market data.

Remortgage activity is expected to remain strong most of this year as conditions supporting the sector remain favourable. House owners can expect low interest rates to continue at least through the first quarter of this year, according to housing experts. There is however indication from the central bank that interest rates could be hiked again in the month of May.

UK home owners are still benefitting from lender competition and deals which are better suited for them than their current mortgage package.