MORTGAGEnews
Buy-to-let investors boost activity LENDING
2
010 finished on a positive note as the mortgage market in December surpassed that in December 2009,
according to the latest research by Connells Survey and Valuation. Increased remortgaging and buy-to-let
activity meant that the total number of residential property valuations conducted during December rose by two per cent year on year. However, the expected seasonal slowdown and adverse weather meant that the number of total valuations fell 19 per cent compared to November, although this was smaller drop than the 21 per cent fall between November and December in 2009. In spite of this monthly fall, in fourth quarter of 2010, the total number of valuations was two per cent higher than in Q4 2009. The number of remortgage valuations
was well up on 2009, rising by 88 per cent from a low base at the end of last year.
Paul Staley, Corporate Services Director of Connells Survey and Valuation says, “Last December was boosted by first- timers hurrying to take advantage of the stamp duty holiday. But demand for valuations was resilient this December, buoyed by buy-to-let investment and remortgaging. “The increased level of remortgaging
compared to a year ago shows there are signs of life in the mortgage market as borrowers once again seek to lock into increasingly attractive fixed rate products. “We are starting to see greater
competition amongst lenders as they fight for market share – a factor missing over the past couple of years, which is a positive sign for the health of the market.” Increasing numbers of property
investors entering the buy-to-let market played a crucial role in the resilience of the December housing market. Buy-to-let activity rose by eight per cent
100% 80% 60% 40% 20% 0%
-20% -40%
Homeowners First Time Buyers
Change in the Number of Valuations Conducted in December Vs December 2010
compared to November – an increase of 53 per cent from December 2009. Staley continues, “The valuations market
has been bolstered by continued growth in buy-to-let investment. “Several more attractive buy-to-let
products are now entering the mortgage market, and we are finding that one in seven of our valuations now are for prospective landlords looking to take advantage of improving yields and fast rising rents in the private rental sector.”
Remortgagors Buy To Let
Total
28 FEBRUARY 2011 PROPERTYdrum
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