UK Housing Sales and Remortgage Activity Remain Exceptionally Strong
Although the New Year is only twenty seven days old, the UK housing market is running at full speed and it appears home sales are on the move. After a robust month of home sales in December of last year, the year is starting with a heavy amount of activity within the housing market. Mortgage lending is at a quick pace as well as those home owners seeking a remortgage.
The month of December was quite a strong month for those looking to move home. UK banks approved more mortgages during the final month of the year than during any of the previous eight months. According to data from the British Bankers’ Association, more than 43,000 loans were approved in December which is an increase over the 41,000 which were approved in November. The total number of mortgages approved for the year was still more than 4% off the pace of mortgages approved in the previous year.
As house sales were on fire in the month of December, so were the number of remortgages being approved. UK homeowners from across the country took advantage of low interest rates and lender competition to apply for a home remortgage.
With speculation that interest rates could increase sooner compared with later, home owners continue their torrid pace this month and choosing to remortgage.
Housing experts are urging anyone considering a remortgage to act soon in order to benefit from the mortgage lending option. Interest rates will possibly move before the end of the quarter, so the time is now.