House prices fell steeply at the beginning of the credit crunch, but since April of this year they stabilised and since then they have started to rise and have done so for seven months in a row. The fact that prices were falling meant that many people were unwilling to take on the massive commitment of buying a house in case the value of it dropped. Most people apart from wanting a house in which to live also like to regard it as an investment and if there is a possibility of house prices falling there are few willing buyers. As a result mortgage approvals fell at the start of the reccession, as a mortgage is a requisite when buying a home. Now that prices of properties are rising, similarly are mortgage approvals which reached 57,345 in October the highest since April 2008. and house prices are up 2.7% on the same period last year.Remortgages have recently not fared as well as mortgages have with many homeowners choosing to remain with their current mortgage lender at the end of their mortgage deal instead of arranging a remortgage as they would have previously done. They stay with the existing mortgage lender on their standard variable mortgage rate as that has been often the cheapest repayment. Remortgage rates are low at the moment but to obtain a low rate there must be good equity in the property, and now with the rise in property prices more people will be eligible for a low rate remortgage. The same low interest rates also apply to mortgages with the exact same loan to values.