Remortgaging in London reached its highest level in nine years in the second quarter of this year, as customers locked into deals ahead of the anticipated base rate rise, UK Finance figures show.
There were 15,200 homeowner remortgages in the second quarter, 16.9% more than in the same quarter a year earlier.
By value there was £4.84bn of remortgaging, 23.2% more year-on-year.
Jackie Bennett, director of mortgages at UK Finance, said: “Remortgaging in London reached its highest level in nine years in the second quarter of this year, as homeowners locked into competitive deals amid anticipation of the recent base rate rise.
“House purchase activity has slowed slightly, with affordability remaining a challenge for many would-be borrowers. This underlines the need for clarity over the future of the Help to Buy scheme after 2021.”
There were just 6,800 homemover mortgages completed in London in the second quarter, 8.1% fewer than in the same quarter of 2017.
Meanwhile there were 10,300 new first-time buyer mortgages completed, 3.7% fewer than in the same quarter of 2017.