14
Dec
Mortgage business 'expected to increase'
A survey of mortgage brokers has revealed that many working in the
industry expect business to pick up in the fourth quarter of
2009.
Paragon Mortgages' Financial Adviser Confidence Tracker (FACT)
index has discovered that advisers are anticipating an average
increase of 6.7 per cent in mortgage business in the final three
months of this year, compared with the previous quarter.
Owner-occupied loans account for almost four fifths (78 per cent)
of transactions, while buy-to-let made up 12 per cent.
The research also found that first-time buyer levels have remained
steady, while the number of next-time buyers has grown throughout
2009.
John Heron, managing director at Paragon Mortgages, commented:
"This is the third quarter in a row that brokers have said they
expect business levels to increase and the sense of pessimism that
surrounded the market in 2008 finally appears to be
dissipating."
Figures released by the Council of Mortgage Lenders in November
predicted that gross lending will total approximately £141
billion, with 810,000 transactions expected to be completed by the
end of 2009.