Buy-to-let activity dropped 41% in last 12 months

First-time buyers and remortgagors have had a post-Brexit vote boost, according to Connells Survey and Valuation.

While reporting that overall property valuations dropped 2% between June and July, Connells Survey & Valuation said first-time buyer and remortgage valuations both increased 12% year-on-year.

In contrast, home mover valuations fell 8% year-on-year and buy-to-let was down 41%.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “Judging the Brexit effect might take years – but in the meantime the first full month after the vote already looks encouraging.

“Change has mainly been confined to the mixture of activity, rather than the overall volume of valuations.

“Any clouds of uncertainty are showing their silver lining for first-time buyers, if anything dealt an advantage as some other buyers paused for thought in the weeks immediately after the result.

“If longer-term economic issues are on the horizon, first time buyers aren’t feeling the effects yet.

“It won’t be until the coming months and years that real trends will start to emerge for the post-Brexit property reality. But in the meantime, people will still need properties, and the housing market is proving resilient.”

How to avoid New Buy-to-let tax
Save £1000s on your mortgage
Save over £500 on Gas and Electric
Free Unlimited Broadband

Written by: Houseladder