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Valuation activity soars

Valuation activity soars

Category: Mortgages

Updated: 14/05/2013
First Published: 14/05/2013

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The number of surveys carried out on first-time buyer homes rose to its highest level since 2007 during April, according to latest figures.

The chartered surveyors, Connells Survey & Valuation, found 40% more valuations were conducted last month on behalf of people purchasing their first home, up from a 33% increase during March this year.

The remortgage market saw the highest rise in valuation activity, with 55% more surveys conducted compared with April last year, whilst the booming buy-to-let sector recorded a 27% annual increase in valuations.

Total valuation numbers across the residential and buy-to-let markets rose by 39% during April 2013, suggesting buyers are flocking back to the housing market as a result of low mortgage rates and wider product availability under the Government's Funding for Lending Scheme.

Additional initiatives launched by the Government over the past year to give the mortgage and housing markets a shot in the arm, such as Help to Buy and NewBuy, are believed to have contributed to the steady increase in activity.

John Bagshaw, corporate services director of Connells Survey & Valuation, said the increase in activity last month suggests a "crystallising sense of optimism in the housing market".

"This is the seventh month in a row of annual growth, the latest link in a lengthening chain of good news," he said.

"It would seem that things are finally starting to look sunnier, as lenders' balance sheets are more buoyant and government incentives help a wider range of borrowers gain access to finance. Certainly, the strongest April in six years is a good foothold for the rest of the year."

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