Homeowners and first-time buyers are all taking advantage of growth on the jobs market and the low interest rates.
The latest research from Connells Survey and Valuation shows increased valuations activity in both the remortgaging and first-time-buyer sector of the property market at the end of 2014.
The small decline of 7 per cent compared to November did not slow the steady annual climb in remortgaging. The number of valuations there grew by 25 per cent year-on-year.
December was a strong month for first-time buyers as well, as they requested 9 per cent more valuations than a year ago. In comparison to the previous month, valuations for first-time buyers fell by 16 per cent.
“With an improving jobs market, greater mortgage affordability and consistent above-inflation wage growth it is clear that confidence is returning to first time buyers,” .John Bagshaw, corporate services director of Connells Survey & Valuation, says.
According to him, the changes made to stamp duty and the continuing Help-to-Buy scheme will boost performance in the first-time buyer sector in the New Year as well. Rates are also expected to remain at a record-low level in the short-term at least, which is likely to keep activity in remortgaging high.
The total number of valuations in December 2014 rose by 9 per cent on an annual basis, while falling by 17 per cent from a month ago.
Valuations of buy-to-let properties across the country dropped both in comparison to the previous year (9 per cent) and to the previous month (33 per cent).
Home movers requested 2 per cent more valuations as compared to November, while on an annual basis their valuation activity dropped by 22 per cent.
