Latest house price figures show a slight rise, according to the Halifax. The lender calculates that prices rose by 1.8% in October, following a big drop of 3.7% the previous month. The overall trend in the figures points to subdued or falling property prices however. Commenting on the figures, Halifax economist Martin Ellis explained that an increase in the number of properties on the market, coupled with lower demand from purchasers, had put downward pressure on prices.

Nevertheless, Mr Ellis added that he did not expect prices “to fall sharply over a sustained period.” This was because of the likelihood of interest rates remaining low and helping to keep mortgages affordable for homeowners.

As expected, the Bank of England’s monetary policy committee kept interest rates on hold, at a record low of 0.5% at their monthly meeting last week. With the improved affordability of mortgages, many homeowners with equity in their properties still have scope to remortgage – perhaps to plan home improvements or support a family business. Those with credit card or other debts may also be able to take advantage of current low mortgage interest rates to reduce their outgoings.

Mortgage borrowers will continue to enjoy low interest rates for some time to come, according to most analysts. That’s despite last week’s figures showing that the UK economy grew at 0.8 % in the third quarter of the year – a healthier rate than many were predicting.

The better-than-expected growth numbers set off a flurry of speculation that rate rises might be on the way. As the chance of a second downturn – the dreaded “double dip” – reduces, it’s argued, there’s nothing to stop the Bank of England raising rates to bring inflation down.

An early test of that view comes on Thursday, when the Bank’s Monetary Policy Committee announces its monthly decision. Most commentators expect base rate to be kept on hold, at its record low of 0.5%.

Borrowers with an eye for the long term, who want the security of a guaranteed monthly payment, will be considering some of the competitive fixed-rate deals available. Others may feel that a tracker, shadowing changes in the Bank’s base rate, will continue to represent the best option. Either way, homeowners looking to make use of equity built up in their properties – perhaps to bring other debts under one umbrella – may well be attracted by the choice of remortgage deals available.