Remortgage activity offsets seasonal decline, claims Connells

10th May 2016

According to new figures from Connells Survey & Valuation, growth in the remortgage sector helped to offset the seasonal housing market slowdown in April.

Total valuations carried out in April increased by 24% year-on-year, counteracting the 22% short-term downturn reported between March and April.

In recent years, April has seen a decline in valuation volumes on a monthly basis, with activity falling by 32% between March and April 2015.

The remortgage sector experienced the strongest annual growth, with an increase of 50% between April 2015 and April 2016.

Corporate services director, John Bagshaw, said: “April’s property market is experiencing some vibrant long-term growth, regardless of any short-term indicators.

“The monthly downturn the valuation sector has experienced overall is a reflection of an historic trend which sees housing activity typically sink somewhat after a New Year surge.

“However, this year’s dip has not been as protracted as that of previous years; a sign the property market is becoming robust enough to endure these cyclical market forces.”

According to Mr Bagshaw, the longer-term outlook is even more positive. He said: “As house prices continue to rise and interest rates remain at record lows, ever more people will be drawn to the property ladder.”

*2 year fixed with TSB 1.09% then 3.59% - APRC is 3.3% Max LTV is 60%. Quoted on 27th May 2020.