Valuations rise– but first-time buyer volumes shrink
News Category: Industry News
Published: 06-Aug-2010
Despite sluggish sales and lending levels, valuations activity rose year-on-year last month, according to Connells Survey and Valuation.
But with buy-to-let in particular showing a strong improvement, valuations for first-time buyer properties fell back.
The total number of residential property valuations conducted in July was 10% higher than 12 months ago, according to the company.
Overall, the number of valuations rose despite a 5% year-on-year fall in activity from first-time buyers.
However, the number of home owners looking to move was up by 19% on July 2009, while buy-to-let valuations were up 26%.
Ross Bowen, managing director of Connells Survey and Valuation, said: “We’ve come a long way in the last year, despite fears of a further slowdown in the market. But restrictive credit conditions are still limiting progress – especially for first-timers who simply cannot secure the mortgages needed to get a foot on the property ladder.”
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