Valuation activity has risen by over 50% compared to November 2008 which shows a growing confidence in the housing market, according to the latest data from Connells Survey & Valuation.
The rise in the number of valuations for home purchase suggests that 2009 will end on a much more positive note than 2008. In October and November,40% more valuations were conducted for homeowners than in the whole of the fourth quarter in 2008.
Valuations for buy-to-let investors have risen by 7% in October and November, compared with the Q4 2008, with transactions increasing by over a third on last November.
Ross Bowen, managing director for Connells Survey & Valuation, said the upsurge in valuations conducted was another sign of the improvement in the market since 2008.
He added: "Despite fears over the effects of rising unemployment and an uncertain economic backdrop, we have seen the housing market stage a modest recovery. As house prices rise, we are seeing the effects of gradually increasing optimism in the housing market - boosting the demand for property from all types of purchaser. If this recovery in activity levels continues in the same vein, we should see a far more positive start to the new year."
Despite requiring large deposits, more first-time buyers are taking the first step on the property ladder. There were two-thirds more valuations for first-time buyers than at the same month last year.
Bowen said: "With an established trend of house price inflation, fears of negative equity are eroding fast. More first-time buyers are being tempted into the market, however difficult borrowing conditions remain."
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