December valuations buck trend

The number of mortgage valuations held up well in December, recording a fall that was less pronounced than is usual for this time of year.

The latest housing market activity report from Connells Survey and Valuation shows the number of valuations in December fell by 14% compared with November, less than the average drop of 20% that has been seen between the two months from 2007 to 2010.

In the three months to December, there was a 3% rise in the number of valuations compared with the previous quarter and a 71% increase compared with the same period in 2010.

During 2011 as a whole, there were 43% more valuations than took place in 2010.

John Bagshaw, corporate services director at Connells, says: “Better than expected lending figures as banks and building societies hurried to meet full-year targets helped to drive the increase in valuation activity in the run-up to the new year.”