Remortgaging activity rose to 21 per cent of the valuations market in March, increasing from 15 per cent year-on-year, according to Connells Survey & Valuation.
The firm says the growth in remortgaging has been driven by those keen to save money by slashing their monthly mortgage repayments.
As a proportion of market activity, remortgaging hit its highest level in March for five years.
Buy-to-let saw a drop in March, to 8 per cent from a five-year average of 16 per cent.
Connells corporate services director John Bagshaw says: “With the low base rate and property values increasing 6.2 per cent annually, many are seizing the opportunity to save through remortgaging at a lower loan-to-value ratio.
“This trend is supported by the latest CML figures which show a 22 per cent rise in the value of remortgage activity.
“If the price rises continue and household bills balloon, we could see an ever greater number of homeowners turning to remortgaging to cut costs.”