UK house owners are making the decision to renovate with remortgage instead of moving home. In the latest round of released economic data from Yorkshire Building Society, house owners chose to increase their remortgage borrowing last year compared with 2017. House owners looking to renovate made the decision to secure funds from remortgage and made improvements to their property. Remortgage made a strong showing last year, but started in the year 2017 as the first of two increases to the standard base rate began in the month of November.

Remortgage activity across the country has been at a level not seen in some time, but for the city of London, it has broken new ground as well. As many property owners took advantage of low interest rates and incentives offered by lenders of all types, the capital city was also taking in the advantages of remortgage. The latest data from UK Finance indicates London has seen a level of remortgage activity not this high in ten years.

In the shadow of Brexit UK consumers have proven to be of strong mind and determination and have not yet folded to the gloom and doom of forecasts by experts. Not only are they buying, but they are also buying homes. According to reports by UK Finance at the close of 2018 there were almost 31,000 first time buyer mortgages completed. The total for the year was reported at 370,000.

Mortgage lending within the UK housing market has been on a real tear as of late, especially the remortgage sector. Over the past few years, lenders have been spending most of their time attempting to stay caught up with the surge in demand. The standard base rate has seen two increases in the last sixteen months, but lenders have made quite an effort to make mortgage lending affordable to all who are in the market. It has been a borrower market to say the least.

Remortgage has grown to new highs within the last twelve months and this comes as no surprise to housing specialists. Within the last sixteen months there have been two increases to the standard base rate which have prompted massive periods of remortgage rush each time. Housing experts are still urging those who have not remortgaged to do so before another increase takes place. A remortgage has the ability to change the financial future of most households and that is potentially life changing for many property owners.

Overall health of the UK housing market has always resided in one area. The number of first time buyers has always been a sign of a market thriving or just sliding by. According to the latest research, first time home buyers are not only exceeding many expectations within the market, but they also now make up the largest group of mortgage holders. Data indicates they are now the largest number of property owners for the first time in the last two decades.