House prices within the UK housing market are always a good indicator of overall health. Currently, prices in the capital city of London are starting to show signs of a massive cool-off, whilst the house prices in more suburban type areas are showing real signs of heating up and taking off. According to the Land Registry, some areas around the city of London are growing at a clip of more than 20%.

Areas like Salford and Trafford, sitting on the outskirts of Manchester, are rising almost 10%, whilst parts of southeastern England are experiencing increases of more than 13%.

However, concurrently in other areas of the UK, prices are falling, confirming the housing market is going through a transition period of defining itself. With the general election taking place in just days, many areas of the housing market will become clear as to the direction they will be going in.

Transport links are the common trait connecting the rise in prices for the areas of outer London. Families are not only able to travel into the city much easier, they are able to find better value than within the city limits.

Tom Harrington with Housetree.co.uk, commented on the issue of house prices and the current trend, saying: "The biggest price rises are in areas popular with commuters, such as Greenwich and Harrow, and suburban locations including Reading and Bracknell."

Due to low interest rates and continued competition with the lending community, many experts feel house prices will increase by an average of 5 to 6% by the end of year.

The conclusion of the election should find the housing market also seeing a spike in the activity within original as well as remortgage lending.