• Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more
 

Remortgaging activity at six-year high

Remortgaging activity for the first ten months of this year is 9 per cent higher than the previous record in 2007, marking a six-year high, according to chartered surveyors Connells Survey & Valuation.

In October itself, remortgaging also saw the fastest annual growth of all sections of the valuations market. October saw the number of remortgaging valuations up 55 per cent since October 2012.

This was despite a 26 per cent monthly fall from September’s seasonal peak.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “Despite signs of economic growth, many in the UK are still coping with a fall in real wages. As a result, household finances are still feeling a serious strain, despite the renewed sense of economic optimism.

“So given the current record low interest rate, remortgaging can provide a real opportunity to boost the monthly sums. Even since a year ago, remortgaging interest rates have fallen, and the choice of deals on the market has dramatically improved.”

A similar trend was reflected in buy-to-let activity, with 42 per cent more valuations for potential landlords than a year ago, despite a seasonal fall of 25 per cent.

Meanwhile, the valuations industry as a whole witnessed 39 per cent annual growth in October, on the back of a strong performance in every sub-sector, and despite a 22 per cent monthly fall.

Mr Bagshaw added that he expects this area of activity to keep growing “for the foreseeable future”.

First-time buyers have also seen a sharp improvement since last October, requiring 37 per cent more valuations than a year ago. Compared to this autumn’s seasonal peak, new buyer activity also fell by less than the entire market, down by 20 per cent from September.

By contrast to remortgaging activity, valuations for homeowners looking to move saw the slowest annual growth, up 29 per cent compared to October 2012.

Mr Bagshaw added “We’re seeing clear movement further up the property chain, and progress is accelerating. Ideal conditions for landlords and remortgagors, combined with a razor sharp focus from the government on first time buyers, means these areas have been leading the charge.

“However, that momentum is also proving fruitful for second steppers and beyond. As the general recovery continues, the ripples from the cutting edge should spread across the entire industry.”

Source:  ftadviser.com

Sam: 19th Nov 2013 09:32:00

 

Latest News

Drawdown is booming – so perfect your investments
Drawdown is booming – so perfect your investments

Read More >>

Remortgaging surge to continue – get the best rate
Remortgaging surge to continue – get the best rate

Read More >>

Equity release helps first-time buyers
Equity release helps first-time buyers

Read More >>

“Challenging conditions” for personal pensions
“Challenging conditions” for personal pensions

Read More >>

Remortgage customers: beware of rate rises
Remortgage customers: beware of rate rises

Read More >>

See all News...
  • Pensions

    Pensions+

    Whether you're saving for retirement or you are facing decisions at retirement, we can help

    View more
  • Savings Planning

    Savings+Planning

    Saving for the future is important and we can help you select the right product to achieve your goals

    View more
  • Mortgage Advice

    Mortgage+Advice

    We are specialists in arranging mortgages for First Time Buyers, people moving home, 'Buy to Let' mortgages and remortgages.

    View more
  • Investment Advice

    Investment+Advice

    Make the most of your money and don't leave it languishing in Building Society accounts

    View more
  • Equity Release

    Equity+Release

    Allows you to access cash tied up in your home - speak to one of our qualified advisers

    View more
  • Protect Insure

    Protect+Insure

    We can shop around for the lowest cost life cover, income protection and critical illness cover

    View more