Housing market figures from Q1 of this year indicate remortgage and first time buyer lending is quite strong relative to other sectors of the lending market. Strong activity from home owners deciding to stay put and remortgage instead of moving home is painting a clear picture. Owners sought out fixed rate lending in the first quarter as a means of protection from rate rises in the future. First time buyers also increased activity as house prices have been falling over the last few months.

Data published from the first quarter of the year represents a clear thought process from home owners. In the wake of Brexit and other tax related pressures which are now part of the market, fixed rate remortgage lending has surged to the head of the class. Homeowners are looking to stay put these days instead of moving.

Intermediaries found remortgage lending by owner occupiers made up the largest percentage of all lending during the first quarter of the year. Five years ago, remortgage accounted for 37% of mortgage lending. This year, 41% of mortgage lending was remortgage in the first quarter. This trend is expected to continue through the year with the constant possibility of a rate increase. The Bank of England held off increasing rates in the May meeting of the Monetary Policy Committee but did state the potential for a rate rise later in the year is strong.

First time buyers also spiked in demand for mortgage lending. The introduction of Help to Buy in 2013 has pushed first time buyer lending up from 16% to 18% of all lending, according to data from intermediaries.