Due to the public notice of a probable rate rise by the Bank of England, remortgage activity is now at an increasing level each week with the month of August as a strong benchmark for the coming months. Year on year, remortgage valuations doubled in number. From July to August alone the number of valuations increased more than 20%. Valuations are fairly accurate indicators of activity across the entire market.

Remortgage activity overall is surging each week due to the latest news of the rate hike which will likely take place at the beginning of the year, according to many close to the UK housing market. Many house owners are making a best effort to secure a new fixed mortgage lending product ahead of many banks’ efforts to raise the rates in preparation of the hike in base rate.

John Bagshaw, corporate services director of Connells Survey & Valuation, commented on the increase in activity, saying: "Concern and media attention about an interest rate rise in the near future is the key driver of this surge.

"Due to the very low Bank of England base rate, there are currently some very appealing remortgaging deals on offer from lenders. But homeowners have been influenced by a powerful perception that these deals will not last.

"Underneath the short-term surge, remortgaging is also driven by a longer term shift. People are increasingly looking to upgrade their home rather than trade – and so, for a slightly different purpose, are also keen to take advantage of cheaper mortgage deals.”

Bagshaw added: "Meanwhile, the wider picture looks encouragingly stable. First-time buyers and home-owners are far more optimistic about the housing market now than they were at this point in 2014 – and this is evident from the strong, steady growth we've been seeing throughout 2015."