Connells reports 39% residential valuation rise

Connells reports 39% residential valuation rise




A market-leading valuer has reported year-on-year residential valuation increases of 39 per cent in April making up the seventh month in a row of annual growth.

<
p>A market-leading valuer has reported year-on-year residential valuation increases of 39 per cent in April making up the seventh month in a row of annual growth.


The figures, released by
Connells Survey & Valuations, appear to show increases in the housing market, with Funding for Lending finally making a footprint in the economy.


The results come at a time where the housing market is at its strongest point since the recession began in 2007, and financial prosperity begins to resurface within the UK.


Speaking on the results, John Bagshaw, Corporate Services Director of Connells Survey & Valuation, said: “March was the strongest month for valuations since 2007, so even faster annual growth in April is only encouraging.


“It would seem that things are finally starting to look sunnier, as lenders’ balance sheets are more buoyant and government incentives help a wider range of borrowers gain access to finance.  Certainly, the strongest April in six years is a good foothold for the rest of the year.”


The surveyors also reported huge year-on-year gains in remortgaging valuations, with figures reaching 55 per cent for April, despite a seasonal fall of 27 per cent in March.


The figures would suggest that lower monthly repayments are encouraging growth within this market, coinciding with another solid month in buy-to-let valuations.


Connells Survey & Valuations also reported that there were 40 per cent more valuations on behalf of first time buyers, the strongest figure since 2007 at this time of year.


John Bagshaw added: “Better mortgage availability is allowing prices to recover and feeding a general sense of optimism.  If salaries start to move in the same direction as the UK’s gradual economic recovery, then this picture could eventually begin to resemble the optimism that would have been called ‘normal conditions’ before 2007.”


Leave a comment