Housing market activity increased in February as the number of residential mortgage valuations conducted rose by nearly a quarter compared to a year ago, according to the latest research by Connells Survey and Valuation.

This is the third successive month in which residential mortgage valuation activity has risen year on year. However, the increase wasn’t solely an annual rise. In February, the total number of valuations for residential property increased by 53% compared to the previous month following the end of the traditional seasonal lull.

In part, increasing activity has been driven by a strong growth in the number of vendors entering the market and looking to move. In February, there were one fifth more valuations for homeowners moving home than a year ago – a rise of 81% month on month. With 35% of all valuations conducted on behalf of home movers, this is the highest proportion of all Connells’ valuations since June 2010.

Paul Staley, Corporate Services Director of Connells Survey and Valuation, commented:

“It’s too soon to say the market has turned the corner, but there is certainly a growing optimism following a strong February, and talk of a ‘double-dip’ in the housing market has died away. In particular, the upper tier of the market has been uncharacteristically active as home movers look to buy or sell million pound properties before April’s stamp duty hike comes into play.”