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Remortgages increased in October – Connells survey

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  • 09/11/2016
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Remortgages increased in October – Connells survey
Remortgage valuations were up in October, as property owners continued to take advantage of low interest rates.

Research from Connells Survey and Valuation found remortgage valuations up 16.8% in October against 2015.

First-time buyer valuations also increased, up 15.4% in October 2016 compared to October 2015.

Additionally, there was a six per cent year-on-year increase in the number of valuations for home movers selling their property.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “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 as borrowers can afford to be more selective than they could twelve months ago.”

remortgage_graph

credit: Connells Survey & Valuation

However, the research also found buy-to-let activity was down compared to last year at 13.3% over the last 12 months.

Despite this, Connells confirmed 4.5% more buy-to-let valuations in October 2016, compared to the previous month.

Bagshaw added: “Total valuation market activity has improved over the course of the last twelve months – despite the attack on the buy-to-let market by the previous Chancellor.  Recently, as landlords have started to come to terms with the stamp duty surcharge and the announcement of the changes to treatment of mortgage interest, the buy-to-let market has started to pick back up.

He concluded that as the Monetary Policy Committee is no longer guiding the public on cuts to the Bank rate, this may signal further activity in the remortgage market in the months to come.

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