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The volume of valuations rose in August, despite the holiday season, but even so the annual number is still falling according to Connells.

The total number of valuations carried out by the firm last month was 13 per cent higher than in July. However, this leaves valuations activity down on an annual basis with four per cent fewer valuations compared with the year to August 2013.

A Connells spokesman says: It's worth remembering activity is now up 5% compared to August 2007. Moreover, initial signs are positive for September and -barring unforeseen financial wobbles - the housing market is set for solid and sustainable progress through the autumn.

First time buyers still represent the largest category with new buyers representing 30 per cent of all valuations in August. Valuations on behalf of existing owners moving house numbered 18 per cent more in August than in July.

By contrast, remortgaging activity has fallen most sharply on an annual basis, down five per cent over the past 12 months compared to the year to August 2013. This is despite an eight per cent increase in the number of remortgaging valuations on a monthly basis.

Buy To Let was the only section of the housing market where activity is higher on an annual basis now than was the case 12 months ago. This comes after a 29 per cent increase in the number of BTL valuations between July and August.

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