The latest research carried out by Connells Survey and Valuation has indicated that housing market activity has seen a slight increase – with 7 per cent more residential valuations being conducted compared to one year ago.
Residential mortgage valuation activity has seen its fourth successive rise, year on year with the first quarter of 2011 seeing valuation activity at 16 per cent higher than the first quarter of 2010.
There was also a welcome increase in the number of first time buyers who entered the market with 21 per cent more valuations being carried out in March, when compared to February and also 26 per cent more in the first quarter of 2011, when compared to the previous quarter in 2010.
Colin Dorman, Business Development Director of Connells Survey and Valuation, comments:
“The real barometer of the health of the housing market is activity and this is showing signs of picking up – with a welcome boost in first time buyer demand. While we are still 4% below last year’s level in March, the recent increase in the number of higher LTV mortgage products helped breathe some life into the first time buyer market, and first time buyer numbers have risen steadily for four consecutive months. The government’s new FirstBuy scheme should provide added relief for a limited number, but the real lifeblood of first time buyer market is mortgage finance, and we still need lenders to do more to fan the flames of recovery.”
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