Strong January for valuations market

January saw the fourth consecutive month of annual growth in valuation activity, according to the latest Housing Market Activity Report by Connells Survey & Valuation.

The number of residential valuations conducted by Connells in January was up 16% from December and 39% from the same period last year.

John Bagshaw, corporate services director, Connells Survey & Valuation, said: “By any measure, 2013 has got off to a positive start. “We normally see a gradual recovery from the festive hiatus, but January’s valuations market has come bouncing back.

“Credit conditions have shown signs of easing in the New Year and those first time buyers that can are taking advantage, boosting overall activity.”

First time buyers were vital to growth making one third of the total valuations market for the first time since June.

Valuations on behalf of first time buyers were up 40% from January 2012.

John Bagshaw added: “But even if higher LTV mortgages are increasingly available, this is only one half of the equation.

“A more attractive savings market will be vital to sustained growth in new buyers.

“At the same time as providing assistance for those who have a deposit, Funding for Lending is damaging savings rates and leaving potential new buyers exposed to inflation.”

Today's Conveyancer