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Remortgage valuations jump to six-year high

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Remortgage valuations have hit a six-year high thanks to continued low interest rates, Connells Survey & Valuations has reported.

October remortgage valuations were 55% higher than the same time last year, while valuations as a whole saw annual growth of 39%.

Buy-to-let valuations jumped 42% year-on-year, while first-time buyer valuations increased by 37%.

Connells survey and valuations corporate services director John Bagshaw said households are looking for ways to cut their monthly expenditure: “Given the current record low interest rate, remortgaging can provide a real opportunity to boost the monthly sums.

“Even since a year ago, remortgaging interest rates have fallen, and the choice of deals on the market has dramatically improved.”

Despite the dramatic annual growth in valuations, the sector experienced a 22% monthly fall.

Valuations for home movers showed the most sluggish annual growth, at 29%. However, this sector also experienced the smallest seasonal slowdown compared to September 2013.

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