Housing valuation activity levels increase in May

A recent report has shown that the level of mortgage valuation activity increased for the months of May, reflecting the sixth month in a row where this activity has seen an increase. The data was released by Connells Survey and Valuation, which recently released its Housing Market Activity report.

The report showed that when it came to mortgage valuations the month of April had seen activity remain largely flat. However, this changed in May with the number of mortgage valuations said to have increased by around 22 percent compared to the previous month. Compared to the same period last year, the number of valuations in May increased by 26 percent. This will most likely be taken as another positive sign of some level of recovery in the property market in the UK.

The data showed that one of the reasons behind the increase in activity was a marked increase in interest from first time buyers in the market. In total first time buyers made up 34 percent of all valuation activity according to the report. However, the figure was further boosted by existing homeowners who were looking to move home. There was an increase of around 11 percent on valuations for house movers for May compared to the previous month.

An official from Connells stated: “Housing market activity has resumed its slow and steady upwards trajectory, driven by an upturn at the lower end of the market. Many first-time buyers have been encouraged to enter the market by the uptick in the number of higher LTV products available recently. However, for the average first-time buyer, mortgage finance still presents a formidable challenge. The increasing variety of products is offset against comparatively high rates – alongside overly stringent criteria demanded by lenders.”

Tags: variety, homeowners, steady upwards trajectory, percent, number