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Monday 19th of April 2010
April 14, 2010    

Broker reports spring flurry of mortgage applications

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by Gill Montia

Applications for home loans have bounced back to February 2008 levels, according to Countrywide.

The mortgage broker has reported a 20% increase in applications during March (compared to February) marking the third consecutive monthly rise.

Looking back over the first quarter of 2010, volumes were up 9% year-on-year indicating that property buyers have a renewed sense of confidence in the UK housing market, despite the economic uncertainty.

The broker also reported that the number of home loans available increased by 8% last month, achieving a 112% recovery on March 2009.

In addition, fixed-rate deals regained some ground, with 61% of the firm’s applicants opting for a fix, an increase of 4% on February; tracker applicants took a 34% share, down 2% on a month earlier.

Countrywide chief executive, Grenville Turner, comments: “While the longer term outlook is unknown, the forthcoming election is not deterring buyers at present and mortgage applications always provide a good indication of consumer confidence.”

In related news, the Council of Mortgage Lenders has just reported that the number of loans advanced for house purchases increased by 12% in February, showing a modest recovery on January when the figures were weak due to the end of the stamp-duty holiday and the severe winter weather.

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