Valuation activity was “good” in 2016 and “exceptional” compared with two years ago, with first-time buyers leading the way, according to Connells Survey & Valuation.

December figures showed valuations for first-time buyers increased by 26% year-on-year while activity for those selling property rose 25% over the same period.

Remortgage activity was up 19% but buy-to-let fell 26%, showing the impact of the Stamp Duty rush earlier in the year. This contributed to overall activity increasing 8% year-on-year in December.

However, compared to 2014, overall activity is up 40%, according to the figures.

The volume of property sellers is up 32% on two years ago and activity in the first time buyer segment is up 50%. Remortgage activity is up 68% while activity in the buy-to-let segment is up 13% on December 2014.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “The housing market has been recovering since September and had a great December. Compared to 2015 it looks good.

“Compared to December 2014 it looks exceptional. First time buyers and people selling property have regained much of the confidence they lost in the wake of the Brexit vote. With interest rates still at record lows, many buyers are taking the opportunity to buy property that would have been regarded as a bargain at that price just a couple of years ago.”

“Looking back over the year, the market has regained a great deal of its strength with consumers’ confidence on the mend. Rates are low and employment is high – that’s a great recipe for a healthy housing market.

“The buy-to-let market’s loss has been owner-occupiers’ gain as those looking to get on the ladder or trade up have been left facing less competition for the properties they want to buy.”