New home mortgage applications have risen by 51% between 2019 and 2020, according to data collected by Trussle.

The research shows that more homeowners are moving to a new home at 56% than remortgaging on their current home at 44%.

In contrast, in 2019, the majority of homeowners were prioritising remortgaging at 63% over moving to a new house purchase at 37%.

Trussle: FTBs staying with relatives longer to save for deposit

Trussle attributes this shift to the stamp duty holiday.

Homeowner appetite for remortgaging started off the year strong, with applications in January up 196% month-on-month.

In addition, as the UK entered lockdown remortgage applications jumped 54% during March.

Trussle also noted that mortgage applications from next time buyers surge by over 73% in June, as reports of a possible stamp duty holiday gained momentum.

As a result of the strong demand, it now takes an estimated 115 days to complete on a property in England.

Furthermore, Trussle revealed that 800,000 homeowners are on standard variable rates.

Miles Robinson, head of mortgages at Trussle, said: “After an uncertain year, it’s encouraging to see house prices rising and the property market moving, with a sustained interest for house moves.

“While many homeowners contemplate buying a new home, it’s important to keep on top of your current mortgage and consider remortgage when the time is right.

“Every year, thousands of homeowners unknowingly move onto a high standard variable rate when their mortgage deal ends and their monthly payments can increase considerably.

“Homeowners can save £344 on average per month by remortgaging, which is a significant sum.”