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Buy to let valuations drop 13.3% in a year says Connells

Buy to let activity has contracted by over an eighth in the past 12 months according to Connells Group's survey and valuation team.

This is despite there being 4.5 per cent more buy to let valuations last month than in September, the firm says. 

Corporate services director John Bagshaw says that despite "the attack on the buy to let market by the previous Chancellor" the total valuation market (including owner occupation and remortgaging valuations) has increased.

However, he claims that "recently, as landlords have started to come to terms with the stamp duty surcharge and the announcement of the changes to treatment of mortgage interest, the buy to let market has started to pick back up."

Meanwhile Connells says the volume of valuations undertaken on behalf of first time buyers also increased significantly, up 15.4 per cent compared to October 2015. 

There was also a six per cent rise in the number of valuations for home movers who are selling property.

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