The housing market continues to surprise those that expected the delay of Brexit to take a toll on its growth. According to a recent report from UK Finance, the number of mortgage approvals grew by 5.4% over last year. This shows a healthy interest from hopeful home buyers in the market.

In April 2019 there were 44,034 mortgage approvals and remortgage approvals were up 2.2% to a volume of 29,014.

The increase in homeowner remortgages is a sign that the opportunity to save money is pushing them to take action. There are currently attractive interest rates connected to remortgages. Lenders are in a competitive mode and some are pushing down the cost of borrowing while the cost of lending rises. They have to do so to stay competitive and keep homeowners interested.

However, some lenders are choosing to not play the competitive game with home buyers and homeowners and are getting out of mortgage lending altogether such as Tesco. This will of course lower the number of options or choices available to home buyers shopping for mortgages and homeowners shopping for remortgages. Perhaps that will push the demand for mortgage lending to a stronger level as less competition could see lenders pushing rate offerings upward.

The summer season is expected to bring more home buyers to the market. With continued strength in the market, homeowners will show confidence by choosing to remortgage and could take advantage of turning their equity into cash for expenses, paying down debt, updating their home, or a dream holiday.

Forecasts for the housing market growth had been reduced for 2019, but as months tick off the calendar there could be a more optimistic outcome as the end of year draws near.