Remortgaging jumps 55% from 2012
In the seventh month in a row of annual growth, the number of residential valuations conducted in April was up by more than a third on the same month last year. First-time buyer activity rose by 40% and buy-to-let valuations by 27%.
Connells Survey and Valuation corporate services director John Bagshaw said:
“Remortgaging still has huge appeal for owner-occupiers struggling to make their monthly accounts balance. Lower monthly payments are helping households pay down other debts and increasing wider consumer confidence.
“Meanwhile, cheaper buy-to-let deals help landlords increase the supply of rental property, and compared to previous years when repayments were rising, these deals put less upwards pressure on rents.”
During the seasonal dip in March, valuations on behalf of home movers fell the least – 18% on a monthly basis and 34% higher than a year before.