Remortgaging was responsible for 37% of valuations in August – its highest market share in a decade, Connells Survey and Valuation research has found.
Just 21% of valuations were for people selling property, down from 25% last year, indicating a lack of stock changing hands.
John Bagshaw, corporate services director of Connells Survey & Valuation, said: “Remortgaging is quickly becoming the dominant activity in the lending market.
“The record high in August was driven by consumers seeking out better value borrowing.
“Having benefited from a decade of low interest rates, consumers are sensing the risk that this era is nearing an end.”
He added: “This rise in property prices means homeowners could now get a better loan-to-value ratio when remortgaging than when they first borrowed – potentially allowing them to lower monthly repayments.
“With so much economic uncertainty and hints of a base rate rise, many are choosing to lock into a lower rate to see them through the next few years.”