An article published by Property Wire this week, shows activity in the UK housing market is at its highest level in six months. New research by Connells Survey & Valuation show there were more valuations carried out in September, than in any other month since March this year.
Valuations on the rise
The Connells Survey & Valuation report reveals that compared to a year ago (September 2014), valuations are up by 29%, and only 0.5% less than those logged in March – a peak month in terms of valuations recorded.
John Bagshaw, corporate services director of Connells Survey & Valuation, said: “Britain’s housing market is going from strength to strength. Against a brightening economic background, players in all parts of the market are feeling more confident about their prospects. Valuation activity is growing beyond the seasonal pick-up at the end of August, with year-on-year growth gathering momentum.”
First time buyer market
A significant number of these valuations are being carried out on behalf of first time buyers. The study records a 25% increase in valuations for this group during September compared to August, and an increase of 18% compared to September 2014.
“First time buyers aren’t just feeling more confident, they are now following this up with real action and contributing a good portion of growth in the UK housing market,” commented Bagshaw.
Move or Improve?
Remortgaging is on the increase too. Valuations recorded for those wanting to take out a new mortgage on their existing home, this September, are up by 16% from August, and 49% higher compared to last year. These statistics indicate that many are keen to capitalise on the value of their home – “opting to improve rather than move”, according to Bagshaw.
The survey also finds that the buy-to-let market is still very active, with demand from those wishing to rent and take advantage of the low mortgage rates, continuing at a steady pace.
Connells Group is a subsidiary of Skipton Building Society, and one of the largest estate agency and property services providers in the UK.
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