UK houses are becoming harder to afford for not only first time buyers, but those who have seen several years in the property market as well, according to the latest UK housing market data. Just considering last year, the average house price increased about 8% over the course of the twelve months leading to November. This is more than three times the average of wage increases nationally, which was 2.4% during the same time frame.

According to the ONS, the average price for a home in the UK is £290,000. This is an increase of about £17,000 over the average price at the start of last year. For those looking to move home this figure is quite daunting and leans toward the belief which many house buyers share. Many see themselves being completely priced out of the housing market within the next decade.

There is a silver lining at least for first time buyers. The group made up of mostly under-40 aged people saw first time buyer prices increase at a slightly slower rate last year compared with everyone else.

Although house buyers are looking at massive increases to the average sale prices of homes, the same group could be much better off financially considering a remortgage instead. Many attractive deals are still being offered by major and minor lending institutions and banks.

A remortgage has the ability to improve the bottom line of a household balance sheet by not only possibly lowering the monthly outgoings of a household, but also increasing the amount of cash on hand at the end of the remortgage process. Extra cash always comes in handy when considering home improvements, paying off old debt, or even taking a much-needed holiday.