Valuations surge signals market turning point
Share
More valuations were conducted in the second half of 2009 than in the same period in 2008, prompting suggestions that the housing market has passed a turning point.
Figures from Connells Survey & Valuation show that between August and December last year the number of valuations was up by almost 20% compared to the same period in 2008.
December in particular saw a marked year-on-year increase in valuations, with 52% more valuations conducted than in December 2008.
It is a significant jump from the start of 2009, which saw valuation numbers drop 60% year-on-year.
Ross Bowen, managing director of Connells Survey & Valuation, says: “The summer of 2009 was a marked turning point for the housing market, as demand for valuations increased beyond last year’s levels.”
But he adds that although the news is encouraging there are still challenges to overcome this year.
He says: “Doubts still persist over issues such as the timing and impact of the general election, the effect of removing the £175k Stamp Duty exemption, and trends in the wider economy.”
Last year there were 10% more valuations for home owners than in 2008, and 15% more for first-time buyers.
But remortgage valuations suffered a blow last year, with 68% fewer valuations carried out than in 2008.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
