Homeowners scrambling to lock into mortgage deals before a rise in interest rates drove remortgaging valuations to surge almost 25 per cent year-on-year in November.
Remortgaging outperformed all other mortgage market valuation activity last month, according to research from Connells Survey & Valuation, rising 4.9 per cent compared to October.
Buy to let mortgage activity, by contrast, was down almost 19 per cent year-on-year and 6.1 per cent on October – the only major residential category to fall.
Overall activity in the mortgage market was up 6.6 per cent year-on-year, but flat (down 0.1 per cent) on October levels.
“There’s no doubt that remortgaging is driving the mortgage market at the moment,” said John Bagshaw, corporate services director of Connells Survey & Valuation.
“2016 has been something of an annus horribilis for landlords. They have had to contend with the reverberation of the three per cent stamp duty surcharge and the removal of the 10 per cent ‘wear and tear’ allowance.
“Fortunately, June through to October were all relatively good months for buy to let remortgages with activity rising on a seasonally adjusted basis. The sector was beginning to find its footing again. However Phillip Hammond’s latest proposals regarding lettings fees appear to have unsettled the market again.”
The number of first time buyer evaluations jumped 13.1 per cent on November 2015, while valuations for selling property rose 12.4 per cent.