Mortgage valuation activity returned to growth in May following the post-Stamp Duty deadline slowdown in April, according to Connells Survey & Valuation.
The firm says the total number of residential valuations conducted during May rose by 4% compared to April. However, on an annual basis this represented an increase of 18%.
Valuations for first-time buyers climbed 8% after April’s dip, representing a 12% increase on May last year.
The number of first-time buyer valuations represented 32% of all those conducted by Connells in May, compared to 31% in April. Valuations for home movers were up 4%, and for buy-to-let investors up 3% – an increase of 78% annually, albeit from a low base.
Remortgage valuation activity was unchanged in May on a monthly basis, but up 23% annually.
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