Remortgage Activity Strong even with Struggling House Price Growth in the Background
The overall health of the UK housing market is under debate currently by well-known housing experts. Many feel next year will be one of recovery and prosperity, whilst others are still on the fence due to the amount of uncertainty lingering in the air. Recent Royal Institution of Chartered Surveyors data illustrates the finer points of the current climate of the market.
Falling property prices in the capital city of London put heavy strain on many other regions in regard to overall growth. For the first time in four years, house price growth across the country was flat during the month of November. This is a bit of an alarm for many who closely watch the market. London decline in price growth was pointed to by several, as well as other well publicized factors. Tax changes, Brexit, and the ongoing housing shortage have created more than a few questions about what will take place next.
One area which is quite stable and moving forward each month is the remortgage sector. Even after the recent interest rate hike, remortgage activity is going strong. Lenders still have deals on the table which feature low interest rates along with affordable administration fees.
Remortgage is now constantly looked to when saving money is the primary goal. The popular lending tool gives home owners the ability to potentially save money off the current cost of the monthly mortgage payment.
Remortgage activity is expected to remain at a brisk pace through much of next year.