The number of property valuations for buy-to-let landlords increased in May, while first time buyer activity has retreated, according to the latest research from Connells Survey and Valuation.

There were 33% more BTL valuations conducted in May than at the same time last year, while valuations for first time buyers declined by 4% over the same period.

On a monthly basis, May’s BTL valuations were up 3% on April, while valuations for FTB’s fell 2% between the two months.

John Bagshaw, corporate services director at Connells Survey & Valuation, says: “Britain’s buy-to-let market is booming right now as would-be landlords are eager to enter the sector and current landlords look to expand.

“However for first time buyers, May was not just less positive than the rest of the housing market, but also disappointing in comparison to the previous month. Previously, valuations for new buyers had proved resilient in April, even when uncertainty about the impact of the election result on home-buyers was at fever pitch.

“The picture painted here is a consistent one. Fewer people looking to buy their first home means more tenants sticking to the rental sector. As such, new landlords enter the market and those already in the sector grow their business to capitalise on the increased demand. Yet what remains unclear is how long this contrast in fortunes will continue.”