The number of residential property valuations has increased by 10 per cent compared with last year. This, from the report by Connells Survey and Valuation.

The rise in valuations occurred despite a 5 per cent decrease in first time buyers, the lowest since July 2008. The number of valuations for possible buy-to-let investors has also increased by over 25 per cent compared with last year. This is more than double the percentage of increases which took place in June.

The annual increase of resident valuations has risen due to the number of homeowners looking to move. The number of valuations for homeowners was up 19 per cent from July 2008 to July 2009. The numbers represent a possible slow down in the overall housing market on the buyers side.

Ross Bowen, managing director of Connells Survey and Valuation, says: "Restrictive credit conditions are sill limiting progress - especially for first-timers who simply cannot secure the mortgages needed to get a foot on the property ladder.

At present many homeowners have emerged from negative equity, and are looking to trade up before house prices rise, once more. This has compensated for the suppressed first-time buyer market. But more affordable and achievable mortgage products for first time buyers are a must to generate further progress in the housing market."

He added: "The recovery in house prices has paused for breath, but activity has not fallen away. Despite the uncertain economic conditions and a lack of tangible Government support for the housing sector, transactional activity has exceeded last year’s. But let’s not get carried away.