Buy-to-let landlords are holding off their purchases and home-movers are reluctant … to move.
Instead, it appears that both types of property owner are preferring to remortgage.
Drawing on its own data, Connells Survey & Valuation said that remortgage valuations were almost 5% up on a monthly basis in November, and up almost 25% on the same month last year.
The number of buy-to-let valuations fell 6% on a monthly basis and almost 19% when measured annually.
Demand for valuations from home-movers was down nearly 1% on a monthly basis; however, first-time buyer valuations were up nearly 2% monthly and 13% on an annual basis.
John Bagshaw, corporate services director of Connells Survey & Valuation, said: “There’s no doubt that remortgaging is driving the mortgage market at the moment.
“This year has been something of an annus horribilis for landlords.
“They have had to contend with the reverberations of the 3% Stamp Duty surcharge and the removal of the 10% ‘wear and tear’ allowance.
“Fortunately, June through to October were all relatively good months for BTL remortgages with activity rising on a seasonally adjusted basis.
“The sector was beginning to find its footing again.
“However, Philip Hammond’s latest proposals regarding lettings fees appear to have unsettled the market again.”