Homeowners remortgaged for an average of £15,000 more in 2016 than they did two years ago, borrowing around £181,000 compared to £166,000 in 2014
57% of remortgage cases in 2016 were capital raising, suggesting homeowners wanted to release equity ‘cheaply’ for home improvements, to consolidate debt or to act as the Bank of Mum and Dad
Homeowners across England … more
“2016 was an unusual year for the housing market. A huge amount of transactions were brought forward into the first quarter as a result of the changes to Stamp Duty Land Tax (SDLT) on second properties. Furthermore, an unexpected result in the EU referendum led many buyers to take a cautious approach.
“Despite this, transaction levels have remained stable in the second half of the year, … more