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Advisers&#39 confidence in mortgage market at five-year low

Financial advisers&#39 confidence in the mortgage market has hit a five-year low.


The Fact index, which measures advisers&#39 confidence in the mortgage market


fell to 99 in the first quarter of 2000 compared with 113.1 in the first


quarter of 1999 and 113.9 in Q1 1998.


The quarterly report by Paragon Mortgages also reveals that a property


shortage is the main reason for the sharp rise in house prices.


The market share of endowment mortgages is continuing to fall and is at 17


per cent of mortgages sold in the last six months. Repayment mortgages now


account for half the market. Discount mortgages have gained in popularity


against fixed and capped products.


The survey is designed to track the confidence of the mortgage industry as


reflected in the attitudes of financial advisers, brokers and other


professionals in the business.


Paragon Mortgages managing director John Heron says “For financial


intermediaries to be despondent about the second quarter shows there is no


real activity in the housing market.


“House prices are being driven upward by the lack of property for sale.”

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