Remortgage activity within the UK housing market is soaring currently, as valuations have increased more than 50% year on year during the month of October, according to the latest research from Connells Survey and Valuation. Lenders are still under a barrage of new borrowers since news of the potential increase in interest rates. Many inside the housing market are predicting an increase could be delayed. Inflation is still well under the government goal of 2% and demand for housing is at a high level.

Many UK house owners are now realising the unmatched advantages which come with a remortgage. It is a well-known tool to help reduce an interest rate and obtain a rate which could protect a house owner into the future. Many fixed deals are still available from several well-known lenders. All house owners currently under the thumb of a variable rate could see huge benefits from a remortgage.

John Bagshaw of Connells Survey and Valuation commented on the latest activity taking place within the remortgage market, saying: "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.”

Bagshaw added: "Many are also taking this opportunity to remortgage in order to release equity and so upgrade their current property."

Bagshaw also commented on another sector of the UK housing market, saying: "The buy-to-let sector continues to thrive, albeit it at a steadier pace than in previous months. The fundamentals of its profitability have remained intact. Demand for housing still exceeds supply and very low mortgage rates remain in abundance.

"Moreover, the Bank of England announced recently that any rate rise is off the cards for the immediate future, meaning the field is still open for many more investors to acquire a portfolio and become a new landlord.”