The number of valuations on residential housing grew by 25% compared to February, according to the latest research by Connells Survey and Valuation.
Following two consecutive month-on-month rises, the number of valuations conducted in the first quarter of 2010 was 15% higher than in the previous quarter (Q4 2009).
The increase in activity in the first quarter of 2010 has been driven by an increase in first-time buyer activity – despite the end of the £175,000 stamp duty holiday on 31 December and the £250,000 threshold for first time buyers only starting on 25 March. In the first three months of 2010, 10% more first time buyers requested valuations than the last quarter of 2009, with a 12% month-on-month rise in March.
There was also a substantial quarter-on-quarter rise in valuations conducted for current home owners looking to move (+14%). This has been fuelled by an increase of just over one third in the number of valuations in March, compared February.
Ross Bowen, managing director of Connells Survey and Valuation, said: “The surge in valuation activity is great to see and reinforces evidence of the continuing recovery of the housing market. Despite uncertainty with the economy and post election impact on the housing market
