There has been a huge rise in the number of borrowers remortgaging during October compared to last year, according to new research out from Connells Survey & Valuation.

The firm said that there were 53% more remortgage valuations carried out this year than last – despite a 21% fall between September and October this year.

John Bagshaw, corporate services director of Connells Survey & Valuation, explained: “Remortgaging is roaring ahead this month. Those looking for cheaper rates have likely been tempted to remortgage to take advantage of the rock-bottom interest rates while they last. Many are also taking this opportunity to remortgage in order to release equity and so upgrade their current property.”

Home mover growth solid

Home mover valuations activity actually fell by a significant 27% between September and October of this year, although growth on a year-on-year basis remains solid with 14% growth recorded in October 2015.

Bagshaw added: “Home movers – traditionally the bedrock of the housing market – have experienced more steady activity in October compared to previous months. But with home values continuing to rise solidly and mortgage rates remaining low, this seems like more of a seasonal blip than the start of a trend. By most measures, it’s still a great time to buy.

“The housing market’s forward indicators remain strong. Activity in all sectors is up on last year – a reflection of a positive combination of economic growth, rising consumer confidence and increasing real-terms wages.”