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TODAY'S OTHER NEWS

Stamp duty panic and remortgaging fuel surge in valuations

There was a remarkable 52 per cent increase in valuations undertaken by Connells in January this year compared to the same month of 2015.

This appears part of a trend - back in July, there was a 57 per cent rise in the firm’s valuations compared to the same month the year before, giving an indication of the apparent ongoing strength of some sections of the market. 

Much of the surge is not down to owner-occupiers, however. 

The number of valuations for buy to let purposes grew by 51 per cent between January 2015 and January 2016, while the remortgaging sector soared by 97 per cent over the same 12-month period. The annual rise for owner occupiers was a more modest 27 per cent.

“It might come as a surprise that there are still so many homeowners who are paying higher rates – and so are opting to remortgage – when rates have been so low for so long” explains Connells Surveys and Valuation corporate director John Bagshaw. 

“We can expect the buy to let sector to reach a height of activity over the coming months, as some concerned landlords look to counter the effects of any measure that could hit their profit margins.” 

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