Valuation totals grew in June despite market's referendum jitters

The pace of property valuations conducted last month grew on both an annual basis and since the previous month, despite jitters before and after the EU referendum.

That is the view from Connells Survey and Valuation, which says the total number of valuations carried out in June rose by four per cent compared to June 2015, and follows month-on-month growth of no less than 24 per cent from May 2016.

“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” says John Bagshaw, corporate services director of Connells Survey & Valuation.

First time buyer numbers rose 23 per cent year-on-year, whereas buy to let valuations decreased by 40% over the same period - the effect of the slowdown in BTL purchases after the stamp duty deadline of April 1.

Remortgaging has also seen a significant boost in valuation activity in June. 

The number of valuations carried out in June for those looking to remortgage rose by 18 per cent on an annual basis and 19 per cent month-on-month.

Home movers were more cautious. Valuations for existing home-owners looking to move to a new property decreased by seven per cent on an annual basis since June 2015. However the number of such home-owner valuations rose by 29 per cent since May this year.