Broker confidence at twelve month high
The survey shows that more than a third of brokers (37%) believe market conditions are currently improving, up from just 14% this time last year.
Peter Williams, Executive Director of IMLA, said: “The economic outlook remains challenging but the future is looking up for the mortgage market.”
Intermediaries are most confident about remortgages with over half (51%) predicting that volumes will grow in 2013, compared with just over a third (35%) in January 2012.
The biggest change of emphasis over the last year is in relation to first-time buyers with 40% of brokers, up from 21% in January 2012, expecting to see business volumes increase.
Williams said: “The survey results show growing optimism, especially regarding opportunities for first-time buyers, and intermediaries are going to play an essential role in achieving this.”
The intermediary survey also revealed an improvement in product availability with firms unable to secure a mortgage for one or more standard borrowers down to 63% compared to 80% a year earlier.