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Valuation levels rise to six-year high

Valuation levels rise to six-year high

Category: Mortgages

Updated: 12/04/2013
First Published: 12/04/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of valuations made on residential homes rose annually by 24% during March, reaching the highest level since 2007.

According to the latest Housing Market Activity Report by Connells Survey & Valuation, the number of homes surveyed last month increased by 29% since February 2013, reflecting the sixth successive month of growth.

The positive trend spilled over to the first-time buyer market. Valuations conducted on first-time homes encountered the fastest annual growth at 33%, the seventh consecutive month this has occurred within this sector of the market.

The results suggest buyers remained unperturbed by one of the coldest March's on record, taking advantage of historical low mortgage rates and a number of Government initiatives designed to assist stricken borrowers, such as Funding for Lending and New Buy.

Research by Moneyfacts.co.uk revealed that the average rate on a two-year fixed-rate mortgage currently stands at 3.84%, compared with 6.34% in April 2008, highlighting just how far rates have fallen.

John Bagshaw, corporate services director at Connells Survey & Valuation, said: "This year, confidence in the housing market could be returning cautiously.

"Certainly, if last month's trend continues, the housing market might be looking at a more sustained take-off than the usual spring bounce."


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