The total number of residential valuations conducted in March rose for the sixth consecutive month, taking them to a level not seen since March 2007.
According to the latest Housing Market Activity Report by Connells Survey & Valuation valuations were up 24% from the same time last year.
John Bagshaw, Corporate Services Director of Connells Survey & Valuation, said: “The coldest March in over fifty years doesn’t seem to have stalled progress.
“The last time there were this many residential valuations in a single month, HBOS had just announced a £6 billion profit and Northern Rock was still vigorously expanding its lending.
“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.”
First time buyer activity last month also reached its highest level since March 2007. Mr Bagshaw attributed this to increased competition in the mortgage market.
Remortgaging valuations were also up by 25% from the same period last year, taking them to the highest level since March 2008.
Buy-to-let valuations grew 19% from above March 2012.
John Bagshaw added: “Lenders are increasingly incentivised to write more loans with smaller deposits, for the likes of first time buyers.
“But at the same time, they’re told to bolster their balance sheets with safer assets. Buy-to-let and remortgaging loans are the balancing weights that allow that progress.
“And luckily, these loans provide a vital function themselves. The buy-to-let industry is increasingly important for the housing market, while a fresh round of remortgaging will help many households lower their repayments, making the monthly financial squeeze a little easier.”
