The latest data released by Connells Survey and Valuation reveals that first-time buyers and remortgagors have received a post-Brexit boost.
However, the same cannot be said for buy-to-let, with a sharp fall in the number of valuations.
Rise and falls
Data from the report reveals that overall property valuations slid by 2% between June and July. This said, first-time buyer and remortgage valuations increased 12% year-on-year.
On the other hand, home mover valuations fell by 8% on a yearly basis, while buy-to-let saw a substantial drop of 41% over the same period.
John Bagshaw, corporate services director of Connells Survey & Valuations, observed, ‘judging the Brexit effect might take years-but in the meantime the first full month after the vote already looks encouraging.’[1]
‘Change has mainly been confined to the mixture of activity, rather than the overall volume of variations,’ he continued.[1]
Buy-to-let mortgage activity plummets year-on-year
Uncertainty
Bagshaw went on to say, ‘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.’[1]
‘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,’ Bagshaw concluded.[1]
[1] http://www.propertyindustryeye.com/buy-to-let-mortgage-activity-plummets-by-over-40-in-a-year/