Property valuations rise for first-time buyers but sharply down for buy-to-let landlords

Predictions of property price cuts since the Brexit vote have yet to ring true, Connells data suggests.

Figures from Connells Survey and Valuation show the pace of property valuations conducted in June 2016, the month of the referendum, grew 4% annually and 24% since May.

First-time buyers appear to be leading the market, with a 23% year-on-year rise in valuations for those taking their first steps on to the ladder.

In contrast, buy-to-let valuations fell 40% over the same period.

On a monthly basis, first-time buyer valuations grew 27% since May while buy-to-let activity was up 17%.

Remortgaging valuations increased 18% year-on-year and 19% since May, while home movers were more cautious.

Valuations for existing home owners looking to move to a new property decreased by 7% on an annual basis since June 2015. However, the number of such home-owner valuations rose by 29% since May.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “These figures for June capture Britain’s property market in the run-up to the EU referendum, but also include a glimpse of the final week of last month. So the background here is a collage of both uncertainty and shock.

“Yet the property landscape appears surprisingly stable – even framed by such drama. This is encouraging.

“Initial solidity from the post-Brexit housing market may not be enough to answer all the new legal and financial questions in light of the vote – or to offset a likely blow to confidence on the near horizon. But this should bring such fears into perspective.

“Life will go on and the property market will continue to function.”

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One Comment

  1. propertybob53

    I’ll be honest, I don’t quite understand the article. How can first time buyers have a valuation. If it’s meant that valuations on properties that would suit first time buyers has increased then that contradicts the paragraph stating that existing home owner valuations have decreased. It’s either just poor grammar or nonsense ???

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