31% rise in buy to let mortgage valuations

Landlord Expert
By Landlord Expert August 13, 2012 12:31

The report also found:

-    The overall mortgage market slowed in July.

-    While the total number of residential valuations conducted during July rose by 8 per cent compared to a year ago, valuations fell 13 per cent compared to June.

-    Buy-to-let valuations now comprise 14 per cent of Connells’ valuations, up from 12 per cent in June.  

-    First time buyer figures fell by 20 per cent compared to June but still remain 3 per cent higher than in July 2011.

-    The number of homeowners moving fell by 17 per cent on a monthly basis, and 1 per cent compared to last July.  

-    The number of remortgage valuations in July dipped by 1 per cent compared to June but rose by 18 per cent compared to last year.

-    Buy-to-let remortgaging comprised 26 per cent of all remortgaging activity in the month.  

John Bagshaw, Corporate Services Director of Connells Survey & Valuation, commented: “The UK’s mortgage market continues to feel the effects of the financial crisis across the channel and the ongoing economic recession. Lenders, concerned about the impact of a deterioration in the eurozone, have been concentrating on consolidating their balance sheets rather than new lending, putting the brakes on valuations activity.”

“Nevertheless, the launch of the Funding for Lending scheme could well breathe new life into the housing market as the year progresses. If lenders grasp the opportunity for cheap finance with both hands, and pass this onto new buyers, we should see the housing market take a step towards recovery.”     

“The growth of buy-to-let comes as a side-effect of the historically subdued house purchase market. With far fewer first-time buyers than before the initial credit crunch, demand for rented accommodation is still growing, presenting investors with excellent conditions to achieve healthy yields. It’s no surprise that money is still pouring into buy-to-let and demand for finance is still climbing.” 

Landlord Expert
By Landlord Expert August 13, 2012 12:31

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