Valuations up 50% over the last year
Valuation activity in January increased by more than half on an annual basis, according to the latest research from Connells Survey & Valuation.
The total number of housing valuations carried out in January climbed 52% compared to January 2015, and by 13% from December 2015 to January 2016.
John Bagshaw, corporate services director of Connells, said: “The UK housing market has shaken off the traditional seasonal slump that it typically experiences in December and is beginning to make progress once more. With the financial strain of the festive period behind them, buyers and remortgagors have the space and resources to focus their attention on climbing the property ladder again.”
The buy-to-let and remortgaging sectors were the main drivers behind the strong growth in overall housing activity in January.
The number of valuations for buy-to-let purposes grew by 51% between January 2015 and January 2016, while the remortgaging sector soared by 97% over the same 12-month period.
Annual valuation activity among homeowners looking to move grew by a steady 27% in January, while between December 2015 and January 2016 there was a 15% uptick in the number of valuations for home movers.
Meanwhile, first-time buyers saw slightly more modest progress. Valuation volumes among those taking their first step onto the ladder in January grew 22% on an annual basis and 5% on a monthly basis.