Remortgages up 20% as fewer people move home

"They hold the golden ticket when it comes to incentives to buying a home, thanks to Help to Buy and the lack of stamp duty — and they are making the most of these opportunities while they can."

Mr Waterlow said the sector needed them to continue to do so as transactions remained low elsewhere in the market.

But Kevin Roberts, director at Legal & General Mortgage Club, said there were still challenges facing people trying to take their step on the housing ladder.

He cited research from HSBC that suggested people now expect to be, on average, 39 years old before they buy their first home.

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