The UK housing market house affordability has recently increased for those looking to purchase a property. Housing prices have declined lately, bringing in a new wave of buyers who are now being able to afford a rung on the property ladder. According to the latest data from Rightmove, London is seeing the lowest amount of house price growth for five years. The East Midlands, Yorkshire, and the northeast are offsetting this by experiencing price increases.

According to Rightmove, asking prices in the capital city have fallen 3.2% over the last twelve months. This is the highest level of decline seen over the last ten years. In contrast, the year 2014 saw an increase in prices of more than 20%.

Talk of an interest rate hike from the Bank of England is pushing optimism lower. The national base rate has been set at an all-time low of 0.25% which has enabled lenders to offer original mortgage loans and remortgage loans with extremely low interest rates attached. This has made buying more possible for many, although overall housing increases has still kept millions on the sidelines.

With lower prices comes a higher level of total home sales. House sales have increased due to this new affordability. Over the past year, sales of homes has increased almost 5%.

Current homeowners are seeing favourable times with the ability to remortgage at extremely low rates. There is a rush to remortgage taking place in which many are finding cost savings on the monthly mortgage payment. With a possible rise in interest rates, housing experts are urging those who are homeowners to consider a remortgage before rates spike upward.