Re-mortgaging activity has soared in August, outperforming all other areas of the housing market, according to the latest research from Connells Survey & Valuation.

The number of valuations for re-mortgaging rose 25% in August compared to July. On the back of this growth, the number of re-mortgage valuations is now up by 102% compared to August 2014 – a doubling in the space of twelve months.

Total valuation activity was more muted in August however, with the number of valuations across all sectors, including re-mortgaging, increasing by just 7% compared to July. This leaves activity up by 48% compared to August 2014, driven in large part by re-mortgaging.

John Bagshaw, corporate services director of Connells Survey & Valuation, comments: “Concern and media attention about an interest rate rise in the near future is the key driver of this surge. Due to the very low Bank of England base rate, there are currently some very appealing re-mortgaging deals on offer from lenders. But homeowners have been influenced by a powerful perception that these deals will not last.”

The number of valuations for existing owner-occupiers looking to move home has grown by 3% since July. This leaves activity on behalf of home movers up by 30% compared to August 2014.