Mortgage market 'recovering' as consumer confidence grows

Posted: 18 May 2010 11:15:53 GMT

The UK mortgage market is continuing to show signs of recovery, despite being some way off the level of three years ago.

That is the suggestion of Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, who was commenting after the Council of Mortgage Lenders (CML) identified growth in home loans in March.

She noted the number of deals at 85 per cent loan-to-value is at its highest since October 2008, with the rise in the number of products available likely to bring about further increases in approvals.

"Consumer confidence is growing as homebuyers feel a little more assured about their own finances," said Ms Skenfield. "The best deals, however, are still reserved for those with the biggest deposits."

According to the CML, loans for house purchase were up 25 per cent in March, compared to the previous month, with the total standing at 45,000.

And first-time buyers accounted for 17,300 of these - a 27 per cent rise on February.


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