UK home owners last year approved for a remortgage borrowed almost £20,000 more than they did in the year 2014, according to the latest research data from My Home Move. The survey included more than 10,000 approvals between the years 2014-2016. The remortgages approved in the East Midlands in particular saw double the amount borrowed last year compared with two years prior. This is hard confirmation that money carries a low cost currently and many home owners are taking advantage of it.

The latest figures from the Bank of England paint quite an encouraging picture regarding the health of the UK housing market and specifically, mortgage lending. December data indicate remortgage activity strength not seen in eight years. With almost 150,000 approvals within the month of December alone, many house owners are making the most of record level interest rates and lender competition.

More data from the year 2016 regarding the UK housing market is flowing out now almost daily, and one thing is certain. Mortgage lending had an especially strong year with remortgage activity leading the way. More home owners took advantage of the benefits of a remortgage during the year and equaled the number set in the year 2009. The latest round of data has now created anticipation for the coming year and has many experts forecasting a year similar to the last.

Many UK housing market experts are looking to the rest of 2017 with more optimism. This is due to the latest round of 2016 data which has surfaced. Overall, house sales were strong, gross mortgage lending was strong, and remortgage was very strong during the past twelve months. 

Overall data pertaining to the UK housing market of the year 2016 is now trickling out and there are valid figures about the strength of last year. Mortgage lending was not estimated to be in such high demand, but the final numbers paint a different picture. Lending improved more than 10% year on year to hit almost £250bn. This is a significant increase over the year prior which totaled £220bn, according to the Council of Mortgage Lenders.

Although the New Year is only twenty seven days old, the UK housing market is running at full speed and it appears home sales are on the move. After a robust month of home sales in December of last year, the year is starting with a heavy amount of activity within the housing market. Mortgage lending is at a quick pace as well as those home owners seeking a remortgage.