The latest house price index from Rightmove reveals a buoyant spring with a 0.9 per cent increase (£2,841) in house prices, thanks to higher demand for property.
The May figure follows positive growth reported by the Halifax in its April house price index which showed that house prices rose 1.1 per cent, recovering from a fall of 1.3 per cent in March.
Is now the right time to remortgage?
The first quarter of 2019 was one of the busiest for mortgage advisers in the last ten years, according to research by Paragon bank – on average, individual advisers introduced an average of 8.8 mortgages, the highest level since 2014.
On average, mortgage broker firms introduced 24.5 mortgages in the first quarter, ten per cent more than for the same period in 2018. Of these, the largest growth has been in remortgages which increased from 30 per cent of mortgage cases five years ago to more than 40 per cent in the first quarter of 2019.
Commenting, John Heron, managing director of mortgages at Paragon, said: “While home mover activity is subdued, low interest rates and an uncertain economic outlook are encouraging more customers to remortgage.”