Historically the average decline between July and August has been over 9%.
In fact the number of valuations conducted by Connells grew 49% year on year.
John Bagshaw, corporate services director at Connells Survey and Valuation, said: “We’ve had our strongest August since 2007 and the expected August dip hasn’t really materialised.
“With the summer holidays coming to a close, we expect valuation activity to pick up pace as September progresses.
“Against an uncertain economic backdrop, we don’t foresee a sustained surge in the mortgage market or housing market, but there are signs that transaction and remortgaging activity is beginning to improve.”
Remortgage valuations was the only category where activity grew month on month, rising by 11% and increased 108% its level in August.
Bagshaw added: “Interest rate hikes are no longer on the horizon this year, but rock bottom fixed rates have proved too tempting for an increasing number of homeowners.
“Falling swap rates have allowed banks and building societies to cut their mortgage rates in attempt to grow market share."
During August there were 85% more valuations conducted for prospective buy-to-let investors than a year ago.
Although purchase activity by owner-occupiers and first-time buyers fell slightly compared to July, it was significantly higher than in August 2010.
The number of valuations for home movers in August was up by 42% on the previous year, despite a month on month dip of 9%.
The number of first-time buyers on the move also picked up compared to last year, with an increase of 21%, compared to August 2010.
Bagshaw said: “House prices are still 13% below the 2007 peak and with improving affordability of mortgages many frustrated first-time buyers are looking once again at house purchase.
“Although deposit requirements remain prohibitive in many cases, there is a greater variety of products available for new buyers.
“Homemovers too are cashing in on cheap rates with many looking to move and upsize their property while mortgage payments are at historic lows for those with substantial equity.”
