Valuations activity in November saw an annual rise after a strong performance from the buy-to-let sector, according to the latest Housing Market Activity Report by Connells Survey & Valuation.
The total number of residential valuations conducted by Connells in November was 3% higher than a year ago. This improvement came despite a monthly fall in activity of 1%, although looking back over the last five years this was less than the average fall of 3% recorded between October and November. John Bagshaw, Corporate Services Director of Connells Survey & Valuation, comments:
“November was far from a stellar month for the mortgage market by historic standards, but valuations activity saw annual growth for a second successive month. The seasonal monthly drift down we’d expect at this point in the year has been less pronounced than in previous years – although success has been confined to certain parts of the valuations market, with buy-to-let a star performer.”
New buy-to-let valuations were central to the strength of November’s figures, with a 14% rise in activity in the sector compared to October, leaving buy-to-let activity 18% higher than a year ago. Buy-to-let valuations made up 16% of the market, the highest level since 2007.
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