The economic crisis which began in late 2007 delivered a staggering blow to the UK housing market, among other sectors.  This has created a lingering effect of slow housing sales, home prices deflating and, in general, little positive outlook concerning the future.  While home sales have suffered, other activities within the market have lagged as well, including remortgaging.  There are however, still attractive deals available for those with acceptable criteria.  Along with the latest Autumn Statement from the chancellor came some encouraging forecasts from the Office for Budget Responsibility (OBR).

The office is predicting that after some years of stagnancy, or zero growth, the housing market will pick up again in a feverish way.  They expect within two years activity within the market will surge, resulting in a possible 20% rise in transactions year on year for the period of 2013-2014.

The OBR also believes home prices will hit growth of more than 4% for the calendar year of 2015 to 2016.  This is exceptional growth compared with the last three years.  Home sales are continuing to struggle.  Slightly more than 75,000 homes were sold in October, which bettered the mark of September by 1,000.  The month of October in 2010 saw 3,000 more than that be sold.

Sales for the year are still 5% down compared with last year.  Figures from the Bank of England confirm the slow market, indicating mortgage debt was 9.1 billion pounds lower during the second quarter of this year alone.

The OBR is maintaining a positive outlook though, estimating 2013-2014 would be a flourishing period by more than 20% in new activity taking place.