The result comes despite a 21% seasonal drop in valuations from September.
John Bagshaw, corporate services director of Connells Survey & Valuation, said: “Remortgaging is roaring ahead this month.
“Those looking for cheaper rates have likely been tempted to remortgage to take advantage of the rock-bottom interest rates while they last.
“Many are also taking this opportunity to remortgage in order to release equity and so upgrade their current property.”
Other sectors were active year-on-year, as buy-to-let valuations rose by 25% and first-time buyer valuations by 20%. However they fell by 9% and 17% from September.
Bagshaw added: “The buy-to-let sector continues to thrive, albeit it at a steadier pace than in previous months. The fundamentals of its profitability have remained intact. Demand for housing still exceeds supply and very low mortgage rates remain in abundance.
“Moreover, the Bank of England announced recently that any rate rise is off the cards for the immediate future, meaning the field is still open for many more investors to acquire a portfolio and become a new landlord.
“First-time buyers have also enjoyed a long stretch of growth. Aided by schemes such as Help-to-Buy and increasingly buoyed by the good economic news, they are becoming more willing to take the risk and get on the housing ladder. Nevertheless, remortgagers remain the big drivers of activity this month – as people opt in large numbers to improve rather than move.”
