Recent data released for the month of October concerning house prices indicates the average UK house price continues to go up with little end in sight. Prices increased almost 4% in one year, according to the housing experts with Nationwide. Property values have now moved upward 0.6% in October compared with the month of September.

The average price of a UK house now sits at £196,807 and the year to year change has been referred to as consistent with wage growth. However, the common theme month to month associated with the house price increase is the shortage of existing homes which are available for sale combined with the ongoing shortage of houses which are being constructed. These two factors are placing upward pressure on pricing in a trend which according to most experts will likely continue.

In similar fashion to house prices moving upward across the country are house prices in the capital city of London. The average price in the city is now at almost £500,000.

Robert Gardner of Nationwide commented on the current conditions which governed the UK housing market, saying: "Historically low interest rates have helped to offset the negative impact of rising house prices on affordability.”

Gardner added: "Indeed, even though house prices are at an all-time high, the cost of servicing a typical mortgage is still close to the long-term average as a share of take-home pay."

Although house prices continue on a track of constant upward movement, the remortgage market continues to be quite active. There are still attractive deals available to house owners, but not without conditions which are more costly each week.