Mortgage market will pick up, say brokers

03 August 2010

Written by Michael Aglony

Mortgage brokers expected to see business rise in the third quarter of 2010, according to research by one lender.

The Paragon Mortgages' Financial Adviser Confidence Tracker survey revealed that respondents predict a 7.2 per cent quarterly increase in trade between July and September, compared with the period from April to June.

"Mortgage brokers appear to be confident about the short-term future of the mortgage market, which is a positive sign as they are the ones on the ground talking to borrowers," John Heron, managing director of the firm, commented.

The study showed that 58 per cent forecast a rise in business in the third quarter, with 24 per cent expecting to see it increase by ten per cent.

Although Mr Heron said that lending data had not revealed any clear trend in the health of the market, this is the sixth quarter in a row that brokers have forecast a recovery.

This comes after research from the Building Societies Association found that gross home loan borrowing by mutuals was up 19 per cent in June compared with May.

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