Housing market activity has shown rapid annual growth in July, according to the latest research from Connells Survey and Valuation.

While overall valuation activity in July dipped 24% compared to June 2015, it represented a 57% increase on July of last year.

John Bagshaw, corporate services director at Connells Survey & Valuation, commented: “Housing market momentum is only getting stronger. The slight monthly wobble is more than outweighed by the sterling annual growth across all sectors.

“July has been a little more subdued than normal as the post-election ‘feel-good’ factor begins to taper out. But, fundamentally, the high pace of annual growth demonstrates that the property market is strong. As wages continue to outstrip inflation, job security increases and interest rates remain at record lows, people young and old are feeling ever more confident about the property market. There’s every reason to feel very optimistic.”

Despite the number of first-time buyer valuations slipping 25% on June 2015, year-on-year activity accelerated 40% compared to July last year.