Remortgaging and first time buyer activity rises in October

Fri, 11 Nov 2016

Remortgaging and first time buyer activity rises in October
Record low interest rates have helped contribute to a surge in remortgaging, while buy-to-let valuations dropped in the last year, according to research from Connells Survey and Valuation.

In addition to low interest rates, the cut to the Bank Rate has benefitted remortgagers and first-time buyers, Connells said. Last month, there was a 16.8 per cent increase in remortgage valuations, compared to 12 months ago.

In addition to this, there was a 15.4 per cent increase in the number of valuations undertaken for first-time buyers, from October 2015 to October 2016.

John Bagshaw, Connells' corporate services director, said: "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.

"The first-time buyer sector has continued to thrive as those looking to get onto the property ladder have taken advantage of various government schemes available. The Help to Buy mortgage guarantee scheme, which is due to end at the end of the year, has given the first-time buyer market a much needed boost over the past year, which is clear from the sizable increase in activity."

Meanwhile, over the same yearly period, there was a 13.3 per cent fall in buy-to-let activity. However, last month did see a 4.5 per cent increase in buy-to-let valuations compared to September.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.




mths

Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company

HomeBuyService.co.uk is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy
FAQ
Sitemap

Get in Touch