Residential valuations rose 3 per cent, year on year, although the latest figure represents a monthly drop of 1 per cent.
Connells Survey & Valuation corporate services director John Bagshaw says: “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.”
The buy-to-let sector experienced a 14 per cent rise in activity, on a monthly basis, meaning buy-to-let valuations comprised 16 per cent of the market in November – the highest since 2007.
First time buyer activity dropped 8 per cent compared with October but remains 4 per cent stronger than a year ago. FTB valuations represented the lowest proportion of valuations since March in November, accounting for 30 per cent of all residential valuations.
Valuations for home movers rose 7 per cent in November while remortgaging activity saw the largest annual falls, dropping 11 per cent between November 2011 and November 2012.