UK Housing Market Strong in Month of January
Remortgagors and buyers have gotten back to it this January faster than ever before. The UK housing market has seen a flurry of activity following the holidays which has resulted in a massive rise in the number of January valuations. According to Connells Survey & Valuation, housing valuations increased in the first month more than 50% year on year. This is the quickest hike in valuations since the middle of 2015 when the total increased almost 60% year on year.
Remortgage activity continues to be at an extremely high level with more strong months to follow, according to many within the UK housing market. Many house owners are taking advantage of the myriad of deals still available from top lenders across the UK. A remortgage has the ability to potentially save several pounds off the cost of a monthly mortgage payment.
John Bagshaw of Connells Survey & Valuation, commented on current conditions which are ruling the housing market, saying: “The UK housing market has shaken off the traditional seasonal slump that it typically experiences in December and is beginning to make progress once more. With the financial strain of the festive period behind them, buyers and remortgagors have the space and resources to focus their attention on climbing the property ladder again.
“However, it’s not just the disappearance of the festive slow down which is driving housing activity in January. With the April 1st Stamp Duty surcharge looming, many investors and second home buyers have begun the New Year eager to move up the ladder before this kicks in. The property market is also being buoyed by the recent announcement from the Bank of England that interest rates will be kept at rock bottom levels for the foreseeable future. So long as this remains true – and the general economic outlook stays healthy – acting sooner rather than later will seem the most sensible option to buyers and remortgagors.”