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Buy-to-let mortgage activity plummets year-on-year
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
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/
