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Property valuations surge in June

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  • 09/07/2015
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Property valuations surge in June
A sharp rise in home-mover activity has led to a surge in valuations conducted, according to Connells Survey and Valuation.

Connells reported 23% more property valuations conducted in June 2015 than in June 2014. June’s valuation activity total also represents a 42% increase on May 2015.

Valuations for owner-occupiers moving home were up 34% in June compared with the same month in 2014. The month-on-month figure for home-movers was even stronger, with June’s valuation activity climbing 51% compared to May.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “Britain’s property market is experiencing an early summer bounce, with all areas of demand for valuations showing strong growth.

“Home-movers in particular are showing a very different sentiment to that seen in April and at the start of May, after the surprise certainty of the general election result. Home-mover demand is growing faster than the overall market trend and even outperforms the recent stalwart of the housing market, buy to let.

“Rising optimism is being fuelled by wage inflation and a more tangible sense of economic progress.”

Connells reported that valuations in June for first-time buyers were up 41% in May and saw annual growth of 16% compared to the same month last year.

Buy-to-let purchase valuations rose 24% compared with June 2014 and 22% compared to May 2015.

“First-time buyers haven’t benefitted from higher house prices in the same way as those already on the property ladder. An era-defining shortage of suitable first-time homes, combined with still rapid rises in average prices are keeping many would-be homeowners renting for the time being,” said Bagshaw.

“Yet despite this, numbers of valuations for new buyers have shown a potent pace of double-digit growth. That suggests the lifting of the political mist and the long overdue take-off in the labour market are helping plenty take their first step into ownership.”

The number of valuations for those remortgaging their property rose 17% in June compared to the same month in 2014, on the back of 44% month-on-month growth.

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