In March 21% of valuations were for people looking to remortgage, up from 15% last year, research by Connells Survey & Valuation has revealed.
Remortgaging has now hit its highest March level for five years.
John Bagshaw, corporate services director at Connells Survey & Valuation, said: “Remortgaging rallied in March. As the cost of living rose, consumers started to hunt ways to reduce outgoings.
“For those struggling, remortgaging can offer tangible financial relief. With the low-base rate and property values increasing 6.2% annually, many are seizing the opportunity to save through remortgaging at a lower loan-to-value ratio.
“If the price rises continue and household bills balloon, we could see an ever greater number of homeowners turning to remortgaging to cut costs.”