Experts within the UK housing market are hard at it with estimates of what is expected for the coming year. Many believe the same challenges will be faced not only next year, but for years to come as well. One of the most driven fundamentals of the market is growth in house prices. The next area which is expected to continue on an upward course is remortgage activity.

Although many plans to develop houses are in the works, construction firms cannot complete steps faster within the process of building houses, so the problem remains. A shortage of houses available for purchase will continue to plague the country in contrast to a deluge of buyers. This imbalance in the supply and demand of housing will continue to apply pressure to prices and force them higher in the range of 3-6% in many estimates.

Rightmove director Miles Shipside commented on the current climate within the UK housing market, saying: "Whilst initiatives are in place to encourage developers to build more new homes to supplement the supply of existing ones coming to market, the lead-times are long and developers face capacity constraints.

"In the meantime, strong demand is being further fuelled by the additional momentum and aspiration for home ownership that schemes such as Help to Buy create.”

Shipside added: "The additional stamp duty for buy-to-let homes in April next year will add an interesting dynamic to the market and may help give some first-time buyers an edge, but with demand in many areas as high as it is, hoping for a cooling of prices could be wishful thinking."

Remortgage activity is expected to match pace with the rate of growth in house prices. Many experts believe a rise in interest rates can be expected by the second half of the year. This is creating many opportunities for house owners looking to secure a lower rate for the future and save money each month on the monthly mortgage cost. Lenders are still offering many attractive deals to those looking to apply.