Brokers expect rapid lending growth
The Agent’s Summary’s Mortgage Survey was completed by around 120 mortgage brokers, estate agents and house builders and found that the market remains generally optimistic.
The Survey revealed that overall mortgage availability and the cost of mortgage borrowing had improved significantly over the past year.
Those surveyed attributed this increase to an easing in credit conditions following the introduction of the Funding for Lending Scheme.
When asked their expectations for the next twelve months participants said they “expected lending to grow more rapidly”.
An Agents’ survey of companies close to the housing market also found a marked improvement in mortgage conditions over the past year.
However there were reports that sales were taking longer to complete than had historically been the case reflecting tighter scrutiny of mortgage applications than in the past and buyer uncertainty in some cases.