House Sales Slide as Remortgage Activity Remains Strong

House Sales Slide as Remortgage Activity Remains Strong

Two years ago, the country voted to leave the EU in an historic vote known as Brexit. Since then, many sectors within the housing market have slowed down in activity due to uncertainty about what will happen following the official day. Although many are hesitant regarding their next property decisions, there are many who have followed other paths and chosen to go forward with remortgage options which are currently available. Those obtaining new mortgage deals are typically finding lower interest rates, low administration fees, and quite a competitive lender climate.

The uncertainty of Brexit during the past two years has seemingly been turned into opportunity for those house owners who have chosen to remortgage this year. Although the beginning of the year started slowly, by the end of the first quarter many were remortgaging and finding deals to provide a more optimistic financial future.

The rush to remortgage prior to the official day of Brexit brought out thousands of property owners, especially in the month of March. According to UK Finance, a surge of almost 10% in remortgages with additional borrowing occurred in the last month of the first quarter of the year.

House sales are down, but remortgage activity remains strong. This trend is expected to continue through the end of the year, according to many close to the housing market.

Adding value to one’s home instead of moving is currently popular and that will likely not change until sometime next year in the opinions of housing specialists. The climate for discovering an attractive remortgage deal is favourable with many fundamental factors in positive motion.

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