Last month produced the strongest activity for property valuations in any month since 2007, according to Connells Survey and Valuation.
The total number of valuations carried out in March 2015 has grown by 42 per cent compared to March 2014.
First time buyers almost matched this rapid pattern of growth in total activity. The number of valuations carried out on behalf of new buyers has accelerated by a third since February, leaving first time buyer activity up 40 per cent from the same month last year.
Activity on behalf of those further up the property ladder also saw rapid growth, but at a slower pace than for first time buyers. Valuations on behalf of established home movers picked up by a third on a monthly basis and by 23 per cent over the last twelve months.
However, remortgaging in March outperformed the overall housing market, posting 54 per cent growth on an annual basis.
Many households with a mortgage that seemed extremely competitive just a few years ago could find it in their interests to refinance, even to the security of a fixed rate. Such a recalibration of the mortgage market is working alongside a resurgent property purchase market to stoke demand for valuations says a Connells spokesman.
With by far the strongest monthly increase, buy-to-let activity in March was 54 per cent stronger than in February. This takes the number of valuations carried out on behalf of buy-to-let landlords to levels 64 per cent ahead of March 2014.
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