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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

 

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