Seller valuations now represent less than a third of the overall market

Just 27% of property valuations in May were requested by prospective home sellers, according to the latest data from Connells Survey & Valuation.

The proportion of seller valuations as part of the whole market has been falling steadily since 2010, when 45% of Connells' valuations were for vendors.

Remortgaging is currently supporting the mortgage market, the report suggests, representing 23% of all valuations last month - a record for May and a 2% increase from April. 

Connells says that owner occupiers are being discouraged from moving thanks to extended economic uncertainty after last year's Brexit vote and this month's General Election result.

It suggests that an ongoing shortage of homes as well the implications of stamp duty reform on high-end property sales, have had a significant impact on the housing market.

"The limited housing stock means that people already on the property ladder can’t see their next move in the market," says John Bagshaw, corporate services director of Connells Survey & Valuation.

"After major votes and the economic turbulence of the past few years, many potential movers have adopted a near constant wait and see attitude." 

He says that the combination of a hung parliament and impending Brexit negotiations mean the market is likely to be affected by uncertainty for the foreseeable future.

Bagshaw adds that the surge in remortgaging comes as an increasing number of owners look to 'improve rather than move'.

"With homes worth more than they were five years ago and low interest rates on offer from lenders, many have taken the opportunity to refinance for a better deal," he says.

Craig Vile, director of The ValPal Network, adds: "With the General Election now behind us and a new housing minister in place, the property industry can get back on track after a difficult period."

"It's surprising to see that Connells' figures show the proportion of seller valuations falling so sharply. The offer of valuations should be an integral part of all agents' marketing strategies, incorporated in both online and offline campaigns."

"We have seen a rise in the number of instant online valuations generated by ValPal in recent months and the more opportunities agents seize to get hold of prospective clients' contact details, the higher their chances of booking more physical valuations and market appraisals."

Earlier this week, The ValPal Network - which is owned by Angels Media, the publisher of Estate Agent Today - published analysis of over 120,000 sales valuations which revealed some of the UK's most expensive and cheapest property regions.