House prices increased by a marginal 0.6% in the last month of 2014 according to the recent data released by the Land Registry. The average house price for December rose to £177,766. The average house price rise for 2014 was reported at 7%. Nationwide reported that UK house prices for December had risen by 0.2% and 7.2% over 2014, with the average house price was recorded at £188,446.

London, which always contributes highly to the national average, reported with a 1.8% increase in December and a 16.3% increase for the year. The average house price in London grew to £464,936.

Sales volume for property grew over July to October averaging 82,067 sales per month compared to the same period in 2013 showing only 75,201 per month.

Adrian Gill, director of Reeds Rains and Your Move estate agents, commented, “Demand at the bottom of the market continues to thrive under the careful watch of Help to Buy and high LTV lending, and stricter mortgage criteria haven’t gnawed away at consumer confidence.

“In fact, record low interest rates are sowing the seeds for generous long-term mortgage fixes, and stamp duty has been broken down to more manageable levels. With these favourable conditions in place, the time is ripe to buy, and this should cultivate further healthy sales momentum in 2015.”

Lenders continue to offer competitive interest rates in an effort to draw in borrowers for mortgages and remortgages. Some offers are at the lowest rate seen in many years, while others are at record lows. Shopping around and fore going loyalty could result in an attractive fixed rate remortgage or mortgage.