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TODAY'S OTHER NEWS

Valuations cool slightly in July compared to same month a year ago

There was a small two per cent drop in residential valuations in July compared to the same month last year, according to Connells Survey and Valuation.

The firm says activity in the first-time buyer and remortgaging sectors were the major drivers in the market last month. 

There were 12 per cent more first-time buyer valuations than in July 2015 while remortgaging activity also saw the same 12 per cent annual rate of growth.

However, compared to the same month in 2015, home mover valuations fell this July by eight per cent.

Buy to let is the big loser with the total number of valuations for this sector down 41 per cent last month compared to a year ago. 

“Since April, held back by the government’s three per cent stamp duty surcharge, some landlords are pausing for thought. Looking ahead, tax changes are increasingly factored in to landlords’ investment plans which forms a strong core of buy to let activity focused on the long-term and a solid basis of future growth in demand for valuations from landlords” says a Connells spokesman.

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