During the height of the global pandemic and lockdowns an unexpected demand emerged. The lifestyle that was once comfortable and efficient for pre-pandemic living no longer worked. During lockdowns and the switch to working and learning from home there was a need for more space. People were cooking from home so larger kitchens became more attractive. Gyms were closed so there was a need for an area to get fit. Children needed quiet privacy for learning and so did working from home adults. An outside garden area was a plus for families that included children and pets. The high demand for area within and green areas outside was so strong it was dubbed the Race for Space.

There is good news for homeowners considering a remortgage. There have been many new remortgage products put onto the lending market and some have lower interest rates than what was found just weeks before. This is important for the tens of thousands of homeowners that could benefit from securing a fixed rate deal to protect from further rate hikes expected from the Bank of England. Visiting the website of a remortgage broker could quickly offer quotes into a homeowner’s hand to review and compare, including not only newer remortgage offers but possibly exclusive deals lenders do not offer directly to borrowers.

There are so many things that have been taking money out of homeowner budgets. The global pandemic, higher energy costs, higher food costs, inflation in general, and rising interest rates. Unfortunately, due to the higher interest rates, many homeowners are going to face even more strains on their financial budgets.

The happy new ownership phase for homeowners is coming to an end. Unfortunately, many are unaware of what is waiting for them. Thousands of homeowners are coming to the end of their mortgage term and will be facing interest rates much higher than what they were used to paying. It could mean hundreds of pounds more per month and to keep from paying more than necessary, they should be learning all they can about remortgaging.

The housing market has shown resilience in the face of rising interest rates. The same happened during the lockdowns of the pandemic when sales boomed as buyers sought more space to live. The demand for more space indoors and outdoors of a property during the pandemic was called The Race for Space. Country living took over as many left behind the city lifestyle to have larger homes and gardens. Now, the market is finding a new demand as flats become popular again.

Experts had predicted that the UK housing market would lose traction and begin to decline, but resilience has remained. This is good in some ways and will be a letdown in others. Of course, those that have been shut out of the housing market due to affordability are likely hoping for house prices to drop. It is the only way they can reach the property ladder now that rising interest rates have made borrowing more expensive than it has been in over a decade. For the economy, a strong housing market could keep a recession at bay, and for homeowners retaining property value would be important.