July valuations see year-on-year increase of 47%
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The number of valuations conducted in July rose by 47% compared with the same month in 2010, according to the latest housing market activity report by Connells Survey and Valuation.
Residential mortgage valuation activity fell by 18% in July compared with June, but Connells says this is a standard seasonal decline and is less than the 23% monthly drop last year.
John Bagshaw, corporate services director of Connells Survey and Valuation, says the seasonal factor is compounded by the fact that lenders may be reining in lending after the rush to meet targets in June.
He adds: “The seasonal dip has been less pronounced than usual and we’ve had our strongest July in four years as buyers and investors take advantage of improving products on offer.”
The report says rising purchase activity by owner-occupiers was a key driver in the annual rise in activity, as the number of valuations for home movers in July was up 32% on July 2010.
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