The number of mortgage valuations fell 17% between September and October, according to Connells’ survey arm.
However, the number of valuations conducted during the month was still 61% up on October last year.
But much of the annual boost came from buy-to-let investors, with 89% more valuations done for this sector.
Buy-to-let now accounts for 13% of all Connells valuations.
The number of valuations for first-time buyers in October fell 20% compared to September and remortgaging valuations dropped 24%.
John Bagshaw, corporate services director of Connells Survey and Valuation, said that lenders had become more cautious, given concerns over the Eurozone crisis and rising unemployment.
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Comments
Pro active agent
With you all the way on this one. (See Pee Bee, I can agree with people!!! ;)
It amazes me tha tnegs have hundreds of applicants but never seem to call them - get on the PHONES - there's an opportunity or 30 in there, you just gotta find them!
You see, I was there in the late 80's when times were really hard, people just didnt want to buy at all then, and interest rates were up to 15% in the early 90's! Now THAT was a tough market.
The issue we have now is that people do want to buy but they can't get the finance and they are unsure about job security. All valid reasons for staying put I suppose.
My view is, target those people who HAVE to move, rather than those who want to - and there are always those people; (divorcees, relocaters, downsizers)
Its a sad fact @Proactive that most people havent got the get up and go you have got. Sadly it got up and went when the going got tough (just trying to squeeze a few more cliches in here). I say stick with it, stay calm and hard work will prevail. Something someone said to me once has always stuck in my mind, I'm sure you all know it ;
'If someone tells you 'NO' what they actually mean is 'NOT YET'. Keep asking until it turns into a 'YES'
Chris(topher) Clarke:
"Value of house was just over £1m. (Bone with meat on it now).
Either the other agent is an idiot or the owner is a liar. Can't make up my mind."
But what about 'Option 3', Sir?
Instead of waiting for the phone to call go out and canvass! - send leters to boards - dare i say it board knock! - oh wait no keep being lazy so i can buy more expensive waches and cars! - easy!!!! - most agents are lazy do some proactive work - you are also probably going to complain veiwings have dropped - let me guess phones are quite? - make them ring reduce stock, call out! also guessing you guys have spent time making your ofices look pretty with xmas decorations - good use of your time! - rant over!
As a complete pillock and HPC nutter, does the lack of supply mean prices are going to fall as I preach, so should I celebrate on my return from school? I asked me mummy and she was unsure, but said she will ask at the benefits agency today.
I can shout about prices but have no clue where even a renting fool like me is going to live in the coming years.
Sorry guys, in a rush and didn't RTFA, but comments stand.
Mortgage valuations are down because sales are down because new sensibly priced properties are not coming on the market and people are not calling me for free valuations.
Phew!
Lazy of me, too busy commenting on the taser incident!
Value of house was just over £1m. (Bone with meat on it now).
Either the other agent is an idiot or the owner is a liar. Can't make up my mind.
Was this article about RICS mortgage valuations or Estate Agent market appraisals?/
If agents like Chris & Poo are confused at the difference, god help the public.
A tweak of legislation to the EA act to outlaw the term 'Valuation' in advertising, and 'tout' letters may help.
"I went to one yesterday and the owner said that another agent had said 250k more than I did."
One to watch, I would suggest.
Why, in your opinion, would there be such a disparity between your appraisal figure and that of A N Other Estates?
There again, quarter of a million sounds like a massive booboo when read in such stark terms - but if the 'value' of the property is ten million it's only 2.5%, which would be chickenfeed by comparison.
Some meat on the bone is needed if you want us to 'Ooh' or 'Ahh' at this one, Mr Clarke.
Free vals have dropped off a cliff since the end of August as families especially look forward to Christmas - is always the same in a recesssion - the market quietens in the run up much sooner.
Touting and other activities are now very obvious forms of generating more free vals - but even this is a lot of effort for not much return so may as well leave that to corporate managers who are under pressure from their superiors in ivory towers
This article however is about survey/mortgage valuations - which seems to suggest that unless its a forced sale to an investor - you are not selling much
Valuations have been shocking for a couple of months.
Very slow indeed.
I went to one yesterday and the owner said that another agent had said 250k more than I did.
Needless to say, I did not get instructed, but at least I am not wasting my money.
mmmm will be time to see those ZOOPLA shares soon to keep them going. History repeating itself