The number of remortgage valuations in October was 16.8 per cent higher than the same month last year, according to research from Connells Survey and Valuation.
The volume of valuations undertaken on behalf of first-time buyers also increased significantly, up 15.4 per cent compared to October 2015, the study found. There was a 6 per cent year-on-year increase in the number of valuations for home movers selling property.
Connells Survey & Valuation corporate services director John Bagshaw says: “Spurred on by competitive deals and record low rates, remortgagers have been one of the most active segments of the market. As rates have fallen over the last twelve months, savvy homeowners have been taking full advantage of the benign borrowing environment and competition between lenders – borrowers can afford to be more selective than they could twelve months ago. Homeowners on expensive standard variable rate mortgages are making big savings moving onto the best fixed and discounted rate mortgages around.”
Buy-to-let activity contracted 13.3 per cent over the last 12 months, the research found – although there were 4.5 per cent more buy-to-let valuations in October 2016 than in September 2016.
Overall, October has seen a notable 6.4 per cent increase in the number of all property valuations compared to the same month last year