Mortgage Cases on the Up
Overall mortgage cases increase by 41 per cent since January 2009, says Andrew Oulsnam, Managing Partner for Robert Oulsnam & Company...
Recent reports show there has been a marked upturn in the number of property investors returning to the market with the amount of new mortgage cases increasing by 41 per cent since January. These latest figures support the sentiment that the property market is beginning to bounce back and a more positive outlook is emerging.
Commercial mortgage transactions show the healthiest signs of improvement with the number of new cases more than doubling over the first six months of the year.
The report also said, "The fact that we've witnessed such a rise in mortgage cases over this six month period shows that confidence is growing in the market. The Buy to Let sector is particularly competitive and landlords don't want to let any opportunities pass them by as house prices slowly bottom out.
"There are also the first glimpses of a shift in the commercial sector, with enquiries and cases on the increase. This is significant as the commercial property sector has suffered horrendously over the past two years, but, we appear to have turned a corner. With the number of mortgage cases gaining momentum it is clear that banks are open for business and willing to lend, as long as the numbers stack up.
"However, we want to reach the stage where lenders feel secure enough to improve their lending criteria. At that point, overall new mortgage numbers will rise even further and the property market will be heading firmly down the road to recovery.”