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Connell Survey & Valuation Carried Out Research Showing the Property Market Experience a Dip

Connell-Survey-Valuation-Carried-Out-Research-Showing-the-Property-Market-Experience-a-Dip

Connell Survey & Valuation has carried out research recently which has shown that the property market experience a dip in May. Connells Survey & Valuation is a subsidiary that is wholly owned by Connells Group. The subsidiary first started operating in 1991 and works with a range of different clients including lenders, house builders, asset managers and housing associations.

The research that has been released by Connells Survey & Valuation shows that in May homes being sold in relation to the number valuations taking place for home owners has seen a steady decrease. In May 2010 45% of the market was down to valuations leading to property sales. This figure has dropped to 27% in May 2017. The reason for this is thought to be a lack of incentive to move for homeowners.

Other challenges that the housing market faces with which can have an impact on the the number of houses being sold are the recent changes to stamp duty and the lack of homes on the market to choose from. There is also the consideration of economic uncertainty that is hindering the amount of people wanting to sell up.

The corporate services director of Connells Survey & Valuation, John Bagshaw has suggested that the limited stock and confused political and economic out look, with Brexit and now the hung parliament has made people not want to move. It is also thought that the long term increase in house values over the course of the past seven years, meaning that they move into higher stamp duty bands, has made people more resistant to move house. At the moment there is more interest in people refinancing instead of selling in order to try get a better value deal because of the increased value of houses and the low interest rates offered by lenders. Refinancing in this way is more beneficial as it can cut monthly repayments making the homeowner more financially stable, and removing the added hassle and expense of having to move house.

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BDC 314 : Mar 2024