Mortgage lending has so far got off to a slow start however, it is predicted to pick up in 2010 according to the CML.
January was a very slow month for 2010 following the boost that mortgage lending saw in December, thanks to the end of the stamp duty concession that came in on 1st January this year.
As purchasers rushed to get their property purchases in before the 1st January, this is likely to mean that the first few months of this year will be at a lower level but the property market and mortgage lending is expected to pick up later in the year according to the CML.
CML spokesman Bernard Clarke said:
“We are still in a market in which it is not as competitive as it was and those circumstances will only improve very slowly.”
Mr Clarke added that measures are still needed to help with the shortage of mortgage funds in order to help the recovery to speed up.
In research released by Paragon Mortgages, 58% of mortgage brokers anticipate a rise in enquiries during the first quarter of 2010 with an average increase of 7.1% predicted, whilst mortgage advisor website Unbiased has released figures showing the number of enquiries for mortgage advisors through their site has increased by 50% since January last year.
For those taking CeMAP training, it is encouraging to see the mortgage market starting to recover once again and in particular the first time buyer market.
