Weekly mortgage transactions 'at 2008 levels'

Date: Thursday 25th February 2010
Author: Susanna Kavka

The amount of mortgage transactions taking place on a weekly basis is currently at levels last seen in 2008, it has been reported.

According to the Mortgage Trading Exchange, the amount of mortgage deals each week is now up to its highest amount since October 2008.

It stated that there had been 5,272 mortgage deals brokered in the week up to February 22nd, a development which the trading platform called "absolutely fantastic news for the mortgage industry".

Mark Lofthouse, chief executive of The Mortgage Trading Exchange, said: "For the past seven months we've reported an increase in mortgage product availability and to see transaction volumes increase consistently alongside this is very encouraging."

He concluded that this was a clear indication that the mortgage market was beginning to grow again in the right direction.

This announcement comes shortly after a statement from the British Bankers' Association, which revealed that the number of mortgages in January had fallen compared with the previous month's figures.