Recent research of the current value of the average house in the UK has confirmed that property values have recovered to a level equal to those reported in April 2007. The research compared market values during February 2010 and showed an increase of 1.9% from January, which is the largest single monthly price increase since figures reported in September 2002.

Given the fragile nature of the UK economy, its no wonder that there are some discrepancies in the figures released. The report is contradictory to those released by Nationwide and Halifax, which report a 1% and 1.5% fall in average prices for the same month, but the new report is based upon figures from a wide range of sources, including land registry figures and is therefore believed to be far more accurate.

The total number of completed house purchases in England and Wales in January had fallen by 52% compared to December 2009 figures, but the UK governments stamp duty break was believed to have driven activity up in a bid by borrowers to take advantage of the tax savings that were available up until 31^st December 2009.

More UK Homeowner are believed to be opting for a "stay put" approach until the economy has recovered further and the general election is out of the way. A spokesman for Moneymatchmaker.com commented saying that "although the number of house purchases may be down, more homeowners are opting for a mortgage refinance deal and are looking at the best mortgage deals available in order to save money".

With rates being fairly competitive for those looking to secure a fixed rate or tracker mortgage, a refinance exercise that takes into account clearing up some expensive debt, such as unsecured loans and credit cards, can be really beneficial, just so long as it is part of a planned finance restructure and the borrower seeks sound financial advice. As is always the case, refinancing debt can work for those disciplined enough to not allow themselves to roll up more debt once the credit cards etc have been paid off.