Date Published 09 January 2013
Valuation activity grew annually for a third consecutive month in December on the back of growth in buy-to-let, national valuations firm Connells Survey & Valuation has reported.
The number of residential valuations conducted by Connells in December was 2% more than a year ago, although activity was down 15% from November.
The firm says the total number of valuations in 2012 was 12% higher than in 2011 – the most annual activity since 2007.
The annual rise in buy-to-let activity in December was key. In the month, there were 22% more buy-to-let valuations than same month in 2011. Over the whole of last year, buy-to-let activity grew by 33% compared to 2011 – to represent 14% of all valuations in 2012, an increase from 12% of activity in 2011.
Valuations for first-time buyers grew 11% from December 2011, in spite of a monthly fall of 10%.
However, remortgaging activity fell 16% both on an annual and monthly basis.
The number of valuations for home movers also dropped, falling 15% in the month and 2% on an annual basis.