Recent data suggests housing activity has cooled following the summer selling season. The London market is especially cool with properties selling at a slower pace and often being let go for lower prices than asking. However, one sector within the housing market is shining brightly. The sector which is showing no slowdown in sight is remortgage.

House price growth in the capital city fell again in November a total of 0.9%. Property prices for the Year in London have now increased just over 2%. This is below predictions which were forecasted at the beginning of the year. This modest growth is being heavily overshadowed by the massive amount of remortgage activity which is taking place not only in the city of London, but many other regions as well.

Remortgage as a percentage is leading the way when all mortgage lending is considered. This, according to housing experts, is no fluke. Interest rates are at historically low levels even with the latest hike which took place in November. The hike took the base interest rate from 0.25% to 0.5% and its primary purpose was to curb the rate of inflation. During the month of September, the inflation rate peaked at 3% which is far off the goal of 2% set by the Bank of England.

Remortgage is still being utilized as a powerful tool to help reduce the amount of the monthly mortgage payment. Families are finding favourable deals with extremely low administration fees and low closing costs. Remortgage is giving many house owners the power to not only save money, but also gain access to valuable home equity through the process.