Property valuations rise

The number of valuations being carried out on properties has risen by 50% compared to last November.

That’s according to Connells Survey & Valuation, one of the UK’s largest valuers responsible for carrying out valuations on most properties financed by mortgages from Halifax, among other lenders.

It welcomes the news as further proof that the market has turned the corner, given that valuations are a reliable indicator of housing market activity.

Connells believes that growing confidence in the housing market has been mirrored by a marked rise in the number of valuations for home purchase - suggesting that 2009 will end on a much more positive note than 2008.

In October and November alone, the number of valuations conducted was higher than the whole of the fourth quarter of 2008.

Ross Bowen, Managing Director for Connells Survey & Valuation said:

“Despite fears over the effects of rising unemployment and an uncertain economic backdrop, we’ve seen the housing market stage a modeast recovery. The upsurge in the number of valuations conducted is another sign of the distance the market has travelled since 2008.

"We have seen a year on year increase from all types of homebuyer. As house prices rise, we are seeing the effects of gradually increasing optimism in the housing market - boosting the demand for property from all types of purchaser. If this recovery in activity levels continues in the same vein, we should see a far more positive start to the new year.”