There has been a "significant" rise in homes being valued at less than what buyers have agreed to pay, the UK's largest mortgage advisers have said.
The pace of property valuations conducted in June 2016 in the UK increased both an annual basis and month on month, according to the latest research.
The total number of valuations carried out in June rose by 4% compared to June 2015, and 24% compared to the previous month, the report covering the month of the European Union referendum from Connells Survey and Valuation shows.
John Bagshaw, corporate services director of Connells Survey & Valuation, pointed out that the background to the figures is one of uncertainty and shock in the days after the UK decided to leave the EU, yet the property landscape appears surprisingly stable which he believes is encouraging.
The UK housing market has started 2016 on a positive note as overall valuation activity in January increased by more than half on an annual basis, according to the latest research.
In total, the number of housing valuations carried out in January climbed 52% compared to January 2015, the fastest annual uptick in total valuation activity since July 2015 when volumes rose by 57% on July 2014.
The data from Connells Survey & Valuation also shows that on a monthly basis, valuation activity across all housing sectors grew by 13% between December 2015 and January 2016.
The majority of home owners in the UK don’t know the rebuild cost of their home and many think it is the same as the value of their property, a new survey has found.
Overall some 67% of home owners said that they don’t know how much it would cost to rebuild their home if it was destroyed and 35% thought it would be the same as the valuation.
First time buyer activity in the UK jumped in November to a rate 31% higher than in the same month last year and up 2% month on month.
The data from Connells Survey & Valuation also shows that first time buyer valuations were 2% above the annual increase for the overall housing market and 26% greater than the year on year increase for home mover activity.
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