House prices within the UK housing market are now at levels not seen in many years.  This is a positive aspect of the economy for many different reasons.  Higher than average house prices mean the economy is moving in a direction favourable for many to benefit from now and in the future.  It also means though that many people within the range of wanting to move home could possibly have to wait even longer to join the property ladder. 

One area which is still affordable for those not wanting to spend more than three times the average annual salary is the borough of Copeland.  This area is making it possible for those with a tighter budget to move into and afford.

Chelsea and Kensington is now considered the most expensive place to purchase property within the UK.  Property is more than 30 times costlier than the average income.

Frances O’Grady, TUC General Secretary, commented on the relationship between higher property prices and falling income, saying: "The toxic combination of rising property prices and falling real wages has meant that local housing affordability remains a huge problem for millions of people across the country."  

O’Grady added: “We need an ambitious programme of home-building to get house prices back under control."

The average house price in the UK now sits at almost £190,000.

The remortgage sector remains an active one.  With the possibility of the base rate increasing in the coming months, more people are looking at the opportunity to decrease the amount of their house payments and find additional cash to use for other purposes.