The surging remortgaging sector has helped to offset April's seasonal housing market slowdown, new figures show.
Total valuations carried out in April rose 24% year-on-year, counteracting the 22% short-term downturn that occurred between March and April.
Lately, April has seen a decline in valuation volumes on a monthly basis, with activity declining 32% between March and April 2015, according to new figures from Connells Survey & Valuation.
Corporate services director John Bagshaw said: “April’s property market is experiencing some vibrant long-term growth, regardless of any short-term indicators.
“The monthly downturn the valuation sector has experienced overall is a reflection of an historic trend which sees housing activity typically sink somewhat after a New Year surge.
“However, this year’s dip has not been as protracted as that of previous years’ – a sign the property market is becoming robust enough to endure these cyclical market forces."
Bagshaw said the longer-term picture is even more positive. “As house prices continue to rise and interest rates remain at record lows, ever more people will be drawn to the property ladder.”
Activity in the remortgaging and first-time buyer sectors has been the key driver of annual growth in April’s valuation market.
The remortgaging sector saw the strongest annual uplift, growing by 50% between April 2015 and April 2016, while valuations carried out for first-time buyers grew by 46% on a yearly basis.
Bagshaw added: “Remortgagors and first-time buyers are the star performers of April’s property market.”