UK Housing Market Heats Up in June
During June the trend towards greater activity in the UK property market continued.
The number of valuations of residential properties rose by 20 per cent compared to May, which is a rise of 16 per cent year on year, according to research by one of the largest valuers in the UK, Connells Survey and Valuation. It is the new coalition government's abolition of Home Information Packs (HIPs) that Connells believed to be responsible for the increase in valuations, as it resulted in a surge in the number of properties that were put up for sale.
There was a 9 per cent rise in the number of valuations in the second quarter compared to the first quarter of this year. It was not, Connells said, a seasonal variation, as there was a 13 per cent rise in valuations in the second quarter of this year compared to the same period last year.
The number of homeowners looking to move house has underpinned June's robust performance in the valuations market.
There was a 26 per cent rise in the number of valuations for those moving home in May, and a rise of 6 per cent in June. Nearly a quarter more valuations were therefore carried out in June 2010 than were carried out in June of last year.
Managing director of Connells Survey and Valuation, Ross Bowen, said: "Summer has brought a seasonal uplift in activity but this has been exaggerated by the decision to discard HIPs. In June, there was a strong bounce in the number properties hitting the market and it's not just speculative sellers testing the waters."
"Thousands of homeowners are no longer trapped in negative equity, and are looking to move up the property ladder," he added.
UK Property news posted by Marilyn on 07 July 2010
