Property valuations have dropped 15 per cent in the month following the introduction of the Mortgage Market Review rules, according to a new report.
The month-on-month fall from March to April represents a stabilisation of the market so that the total number of property valuations for all purposes is the same as it was in April 2013.
This 0 per cent annual change in April follows on from March’s 10 per cent annual fall in the total number of valuations, based on figures from Connells Survey and Valuation.
First time buyer activity still remains 3 per cent above the same period last year, despite the overall correction, while valuations for first-time buyers had the least dramtic dip, down only 13 per cent from March.
The highest monthly drop was in the number of buy-to-let valuations, which fell by 19 per cent from March to April, however, the level of buy-to-let activity remains 5 per cent ahead of April 2013, the most positive sector on an annual basis.
Remortgaging saw a similar trend compared to March, down by 18 per cent, bringing the number of remortgaging valuations to levels 5 per cent less than April last year.
Spokesperson for Connells, John Bagshaw, said of the figures: “For both new and established home movers, the MMR will support the fundamental affordability of housing over the long-term.
"Teething problems are a price worth paying and are almost completely temporary.”
