The number of remortgage valuations in October was 16.8% higher than it was a year previously, said Connells Survey and Valuation, as homeowners locked into attractive deals and took advantage of the cut in Bank Rate.

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 boost

First-time buyer valuations also increased significantly, up 15.4% compared to October 2015. Similarly, there was a 6% year-on-year increase in the number of valuations for home movers selling property.

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.”