The number of residential valuations grew 35 per cent in 2013 according to Connells Survey & Valuation, an increase considered “almost impossible” just a year ago it says.
“The last twelve months have proved sceptics wrong. Some months have even surpassed 2007 levels of activity” says John Bagshaw, Connells’ Corporate Services Director.
The fastest growth was in remortgaging, up 51 per cent over the whole of 2013 and showing relatively few seasonal dips even in December. The second strongest growth area was in the number of valuations for first time buyers, which grew eight per cent.
Valuations for Buy To Let mortgages dropped by 27 per cent between November and December - a typical seasonal fall - but BTL valuations throughout 2013 as a whole rose six per cent on 2012 levels.
“While the purchase market is accelerating rapidly, half a decade of setbacks for first time buyers will stoke strong demand from landlords to keep up with the scramble for homes to let” says Bagshaw.