Buy-to-let sees January surge
In contrast January activity fell by 4% from December overall, while remortgage activity plummeted by a quarter (25%).
John Bagshaw, corporate services director of Connells Survey & Valuation, said: “The buy-to-let sector has bounced back after a disappointing performance in December when it had seen one of the biggest monthly falls.
“It now looks to have regained that lost ground as landlords – now spoilt for choice with a record number of mortgage products to choose from – begin to invest more.
“Low mortgage rates have also continued, posing even more attractive deals for potential landlords or those expanding portfolios.”
In terms of other sectors first-time buyer activity increased by 3% month-on-month, although it was 28% lower than January last year.
Remortgaging activity was also 28% lower than January 2014.
Bagshaw added: “The expected post-holiday pick-up in activity failed to materialise with the market making a very restrained start to the year.
“Mediocre comparisons are due in part to the exceptional performance seen in January 2014 as a result of a healthy pipeline at the end of Q3 2013.
“In contrast, the transaction market slowed dramatically towards the end of last year.
“However, this slow start is not a cause for alarm as January is typically a slower month with lower volumes of activity.”