Connells Survey and Valuation has reported that increased remortgaging and buy-to-let activity meant the total number of residential property valuations conducted in December rose by 2% year on year, despite the flurry of first-time buyers rushing to beat the end of the stamp duty holiday at the close of 2009.
However, the expected seasonal slowdown and adverse weather meant that the number of total valuations fell 19% compared to November, although this was smaller drop than the 21% fall between November and December in 2009. In spite of the monthly fall, in fourth quarter of 2010, the total number of valuations was 2% higher than in Q4 2009.
The number of valuations for remortgaging was well up on 2009, rising by 88% from a low base at the end of last year.
Paul Staley, corporate services director of Connells Survey and Valuation, said: “Last December was boosted by first-timers hurrying to take advantage of the stamp duty holiday. But demand for valuations was resilient this December