The latest data released regarding the UK housing market is encouraging, but needs to be put into perspective.  Although remortgage and original loan approvals have appeared to spike within the last few months, approaching normal levels is far from happening.  There were marked distractions which took place earlier in the year to slow housing activity, but those are in the past now. 

Recent news of a double dip recession dominating the economy will do mostly harm to any consumer confidence which was on the horizon.  Yet there has been a noticeable spike in not only activity, but also slowdowns in the erosion of house prices which was snowballing over the past few months.  The London region has even experienced increases in the value of property.

As far as remortgages are concerned, multiple deals are still available for those who are able to apply a sizeable deposit.  Also, for those who are not weakened in the knees by a big interest rate, high LTV deals are still possible.

Many economists see the latest surge in activity a sign that the first few months of 2013 could be better than most expected.

Howard Archer from IHS Global Insight commented on the market, saying: "Any signs of a pick-up in housing market activity needs to be treated with considerable caution as, firstly, there have been previous false dawns recently and, secondly, housing market activity remains very low compared to long-term norms. Furthermore, there are still serious headwinds facing the housing market that are likely to limit the upside for activity and contain prices."