Homeowners sought out remortgages at a level in August that surpassed that of the highest recorded since 2009. According to the Council of Mortgage Lenders (CML), there were 34,900 remortgages and it is thought that the homeowners were drawn to the deals due to the continued low interest rates being offered by lenders.

Not only were homeowners interested in the cheap interest rates, but home movers and home buyers were seeking mortgages in August at higher numbers than the previous month.

First time buyers were approved for 31,800 mortgages, which was an increase of 12% over July and 19% over the level recorded in August 2015. Home movers were approved for 34,200 loans, which was a 14% increase over July and a 2% increase over the same period last year. CML reported that both first time buyers and home movers were approved for loans at a level that was the second highest seen for this year.

Landlords were approved for 6,500 loans in August. This is an 8% increase over July, but a significant decline from the same time period last year by 38%. There have been reports from agents that the interest in buy to let properties is increasing. This could be a sign that investors are becoming more confident in the housing market following the Brexit vote.

CML’s director, Paul Smee, remarked, “House purchase activity bounced back from a dip in July, reflecting resilience in first-time buyer activity. Mortgage rates remain at or close to historic lows, and the re-pricing of mortgages following August's base rate cut should help to underpin a continuing, strong appetite for home-ownership over the coming months.”