Figures from Connells Survey and Valuation have shown that the number of remortgage valuations has risen 53 per cent from October 2014 to October 2015, despite the traditional seasonal fall seeing a fall of 21 per cent compared to September.
Experts say this is likely due to rock bottom rates being available, resulting in homebuyers remortgaging to secure cheaper rates before they are no longer available, or to release equity and upgrade their home.
With the possibility of an interest rate rise in the near future, many buyers are rushing to secure cheap mortgage rates.
The figures also indicate that the first-time buyers and buy-to-let sectors had a strong year-on-year activity last month, although both of these sectors saw a fall from September, of 17 per cent for first-time buyers and 9 per cent for buy-to-let.
“First-time buyers have also [along with the buy-to-let sector] enjoyed a long stretch of growth, aided by schemes such as Help to Buy, and increasingly buoyed by the good economic news, they are becoming more willing to take the risk and get on the housing ladder,” said John Bagshaw, of Connells.
“Nevertheless, remortgagers remain the big drivers of activity this month, as people opt, in large numbers, to improve rather than move,” he continued.
The Help to Buy scheme is a government initiative which has helped first-time buyers get onto the property ladder, as they often struggle to afford the normal deposit needed to purchase a house.
