Mortgage brokers 'gaining confidence'

Date:Wednesday 5th May 2010
Author: Max Freedman

Optimism is returning to Britain's mortgage brokers following the woes of the recent recession, a new survey has suggested.

Paragon Mortgages' financial adviser confidence tracker uncovered expectations of increased activity for the fifth quarter in a row, although the predicted rate slipped from the previous three months, when participants forecast a 7.1 per cent rise.

The firm's managing director John Heron suggested the improving optimism among brokers could bring benefits for customers, adding: "Mortgage brokers have endured a tough time since the start of the credit crunch, but confidence has returned in recent months."

However, he added that the market remains "a long way from normality" and observed that although the situation has been improving since the second half of last year, product levels are around 80 per cent lower than they were just under three years ago.

Earlier this week, the Centre for Economic and Business Research claimed house prices are set to rise by 5.3 per cent in 2010.