On a monthly basis, remortgaging valuations had one of the smallest falls of 7% and saw a robust 25% surge year-on-year to December 2014, said Connells Survey and Valuation.
Overall, December closed off 2014 with 9% year-on-year growth in valuations activity but overall total valuations dropped 17%.
John Bagshaw, corporate services director of Connells Survey & Valuation, said: “In recent months the housing market has bounced back despite fears of a cooling market in the autumn. This latest increase in valuations activity does contrast with more rapid expansion recorded earlier in 2014. But a more balanced and sustainable pick-up bodes well for 2015.”
House price growth also ‘paused for breath’ in December after a 19-month growth streak, according to Estate agencies Reeds Rains and Your Move.
Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “This has pruned annual house price growth back to single-digit territory again, recording a steadier 9.6% rise in average property values in England and Wales in the year ending December, down from 10.6% recorded in November.”
He said the slowdown in London and the South East was largely responsible.
“Property values in the capital and surrounding areas are beginning to concede ground after significant advancement over the last year. Average house prices dropped in a third of all London boroughs in the month to November, with Southwark experiencing the sharpest fall in average values of 3.1%.”
He added: “But it’s not just geography that disrupts the march of house price growth across England and Wales. Properties worth over £250,000 have seen average annual growth of 10.7%. But those valued below £153,000 have typically witnessed a year-on-year price increase of just 2.9%.”
The second Help to Buy scheme further helped first-time buyers last year, said Gill, and completed house sales in December jumped 17% on the previous month following Stamp Duty reform.
