Connells Survey and Valuation figures showed that remortgaging activity has risen 92% year-on-year, albeit from a low base.

Connells revealed that remortgaging now accounts for 23% of its valuations – the highest proportion since December 2008.

The total number of residential property valuations conducted in November fell 4% on the month before.

Nevertheless, total valuations were down by just 1% compared to November 2009, despite activity at the end of 2009 being significantly boosted  by buyers looking to purchase before the end of the Stamp Duty holiday.

Ross Bowen, the managing director of Connells Survey and Valuation, said that despite the lack of an incentive to buy, as seen with the Stamp Duty holiday last year, activity remainedreasonably robust.

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He said: “Activity has been driven lately by the continuing improvement in the number of people looking to remortgage, but we expect the seasonal slowdown to kick in from now on.”

Both first-time buyer activity and the number of homeowners moving property dipped slightly in November, with the number of valuations falling by 11% and 3% respectively. This represented falls of 12% and 25% compared to October 2009.

Bowen said: “Availability of competitively priced 90% LTV mortgages and tighter lending criteria remain key obstacles to re-invigorating the housing market, with the consequence that thousands of frustrated buyers have to rent for longer.

“But confidence is also an issue. Some homeowners do have an eye on the direction of house prices although it is pleasing that many are seeing that it remains a great time take advantage of the increased choice of properties on the market.”

The number of valuations for buy to let fell slightly in November by 5%, although November’s activity represented a 52% increase on last November.