UK mortgage market demonstrates "surprising strength"
Property professionals
25th January 2010
Britain's mortgage markets demonstrated "surprising strength" during December 2009 in what is traditionally a quiet period.
This is the view of Paula John, Your Mortgage editor, who suggested that an increasing number of lenders are "playing in the higher LTV [loan-to-value] arenas" and offering agreements at 80 per cent and more.
According to Ms John, buyers have previously been "sitting tightly on their hands, not wanting to move house and not being able to access finance" because of the large deposits required to secure a mortgage.
However, she added that the market is now "more buoyant than many would have anticipated", with increased activity and stable first-time buyer numbers.
Property professionals seeking a UK insurance policy may also be interested to learn that figures from the Council of Mortgage Lending revealed a 14 per cent increase in gross home loans during December compared with November, up three per cent compared with the same month of 2008.
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