There was a decline in first-time buyer activity in October, according to the latest research by Connells Survey and Valuation.

However, increasing remortgage activity bolstered housing market activity. The total number of residential property valuations conducted in October was up by 3% compared to October 2009, largely driven by an increase in remortgaging activity, which rose by 78% on the same time last year. Remortgaging now accounts for 17% of Connells’ valuations, the highest proportion since January 2009.

Overall activity fell slightly month-on-month, with total valuations down by 16% compared to September.

Ross Bowen, managing director of Connells Survey and Valuation, said: “We may be seeing the approach of winter dampen the number of buyers on the market