Gradually improving optimism in the housing market is reflected in an upsurge in the number of valuations for home purchase, with much stronger growth for movers than for first time buyers - many of whom still struggle to raise mortgage finance.
In the month of October, there were almost twice as many valuations conducted for homeowners as in the previous October, while in the three months to the end of October, the number of homeowners requesting a valuation on their home rose by 75% compared to the same period in 2008.
Overall, transactions were up 26% in October 2009 compared with the previous year, and up 13% in the 3 month period (again compared with 2008).
Ross Bowen, managing director for Connells Survey & Valuation says: “This upswing in the number of valuations for homeowners is further evidence of the gradually strengthening housing market. Sellers who have been sitting out the recent economic woes have seen double digit house price rises since the spring, are putting their homes on the market and are moving on. The low level of activity over the past couple of years has created a lot of pent-up demand and people want to move - and established homeowners typically have more equity and are better placed to buy.”
