The housing market in the UK gave another strong performance last month, with residential valuations showing a 55 percent increase compared to August, according to Connells Survey and Valuation.
The numbers revealed by the chartered surveyors are positive for builders on the Wirral, Chester and all areas of the UK, with the demand for home improvement work also expected to rise.
The company highlighted in the report that impressive growth across all market sectors saw residential valuations carried out in September stand at 65 percent higher than in the same month of 2012.
The areas which saw the most impressive month-on-month growth were re-mortgages and buy to let, which rose by 64 percent and 66 percent respectively. The numbers equate to far higher annual growth rates, after a relatively slow September last year.
Connells Survey and Valuation’s Corporate Services Director, John Bagshaw, said:
“September has felt like a tipping point. A year since the first real effects of Funding for Lending, and five years since the collapse of Lehman Brothers, the financial world appears to be at the start of a much sunnier period. In just 12 months, the situation has shifted unrecognisably with last quarter’s economic growth likely to come in above one percent.”
The report further revealed that high activity levels have resulted in a greater number of new buyers, with first time buying activity last month growing by 52 percent from August. Valuations for first time buyers last month were also 54 percent than in September last year.