Connells Survey and Valuation confirmed that remortgage valuations were up 16.8% in October 2016 compared to the previous year, the main reason being to take advantage of good mortgage deals available since the Bank of England base rate drop.
John Bagshaw, corporate services director of Connells Survey and Valuation, 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 12 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 a year ago.”
First time buyer valuations were up 15.4% and Purchaser valuations were up 6% compared to the previous October.
Bagshaw added: “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.”

Low rates lead to remortgage boost