Brokers positive over remortgage market
In its first market confidence barometer the overall mood among brokers was positive scoring 56.3 while demand for remortgaging ranked highest at 64.8 on the scale and rising house prices scored 57.7.
Graham Felstead, head of the intermediary channel, said: “It appears that the increased level of confidence anticipated at the beginning of the year is now working its way through the market. The findings of our survey indicate that brokers anticipate a greater demand for remortgaging business and that they expect house prices to rise.”
The first confidence barometer, a survey of 323 brokers, was spread across six key market components which brokers were asked to rate on a scale of zero to 100 with anything over 50 considered positive.
Brokers rated sufficient funding from lenders across all loan to values at 56.5 and the adequate supply of properties in their area at 54.8.
Meanwhile, first-time buyer affordability and the homeowners available equity both scored 51.9.
Felstead said: “It is also heartening to see recognition that lenders have demonstrated a greater appetite to lend this year.
“The plight of first-time buyers has been well-documented and continues to be an issue but the Funding for Lending and Help to Buy schemes seem to be having a positive impact on the prospects for this sector. It’ll be interesting to see how the perceived prospects for first-time buyers and movers fare in the next survey.”