Buy-to-let sector escapes summer slowdown
Buy-to-let was the only market section not to shrink in July, according to the latest Housing Market Activity Report by Connells Survey & Valuation.
Residential valuations fell by 13 per cent compared with June, despite the total number of residential valuations growing by 8 per cent in July, compared with a year ago. Connells attributes this slowdown in activity to the impact of the ongoing sovereign debt crisis in Europe.
Connells’ corporate services director John Bagshaw says: “The UK’s mortgage market continues to feel the effects of the financial crisis across the channel and the ongoing economic recession. Lenders concerned about the impact of a deterioration in the eurozone have been concentrating on consolidating their balance sheets rather than new lending, putting the brakes on valuations activity.”
Buy-to-let was the only market sector not to demonstrate a monthly decline in July. The sector also experienced an annual growth of 31 per cent. Buy-to-let valuations grew to 14 per cent of Connells valuations, from 12 per cent in June.
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