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Brokers upbeat about mortgage market

Broker confidence in the mortgage industry is the highest it has been in over ten years, according to a poll by the Mortgage Trust.

The survey revealed that on average advisers expect an uplift in business of 4.2 per cent for the fourth quarter of 2006 compared to the third quarter, and a third of respondents expect volumes to pick up by 6 per cent or more.

This confidence comes despite concerns in some quarters that the recent rise in interest rates and the expectation of further rises in 2007 could dent general optimism in the market.

Paragon Group communications manager Nicola Severn says: “It is very telling that the index is at its highest level ever. Notwithstanding the impact of borrowing costs, it seems that mortgage activity among advisers remains very buoyant. On average they each arranged 32 mortgages over the third quarter, compared with 29 a year ago and 27 in 2004.

“Despite the recent increase in interest rates and the impact of affordability constraints on first time buyers, the index suggests that people within the industry remain confident that it will continue along its current positive trend.”

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