Figures from banking association UK Finance show, on average, the new loans were £52,000 more than the old ones as people turned bricks and mortar into ready money. There was also a huge 19.8% rise in the number of people increasing their mortgage like this, compared with the same month last year. The number one theory is that people have decided to improve their current home, rather than move. And it's not just stamp duty you save, with estate agent fees and moving costs also bypassed. “With mortgage rates so low, many people see extending and renovating their existing homes as a strategic move.

Source: Daily Mirror July 16, 2019 15:36 UTC