UK housing market activity reached a six-month high in September and remortgaging experienced another stand out month, according to the latest research from Connells Survey & Valuation.
Last month, the total number of property valuations was the second-highest monthly level on record, with only 0.5% fewer valuations carried out than in March 2015, the current high.
Total valuation activity is up 29% compared to September 2014, following a 23% month-on-month rebound from August 2015.
The number of valuations carried out specifically for first-time buyers rose 25% in September compared to the previous month. This is an 18% increase on September 2014.
Connells said valuation activity among established home-movers performed even better, with the number of valuations carried out for those moving house up 26% compared to last month and 23% since September 2014.
The number of valuations for those remortgaging rose 16% since August and was up 49% from September last year.
Meanwhile, the number of valuations in the buy-to-let sector has grown 13% since September last year. On a monthly basis, valuations activity carried out on behalf of buy-to-let investors was up 21% compared to August.
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.
“The remortgaging sector is continuing to power ahead – with plenty of people still opting to improve rather than move. High demand in this sector is still being driven by the large number of good mortgage deals out there, as homeowners rush to capitalise on the value of their home, while it’s still relatively cheap to do so.”
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