Mortgage brokers 'believe market is picking up'

08-Jul-2009

First-time buyers might be pleased to hear that mortgage brokers believe the market is improving.

Most brokers over the next three months will do more business than they have done recently, predicted head of mortgages at Bestinvest Peter O'Donovan.

There have been a greater number of enquiries about purchases lately, which is enough to indicate the sector is picking up - even if the improvements are slow, he added.

Although there will not be an extreme amount of new business, those who are in position to offer mortgage advice or give a first-time buyer a mortgage are right to be optimistic, Mr O'Donovan stated.

"[It will be] a slow improvement as people start to put their properties back on the market and more people feel it is the right time to get back in - and maybe prices are starting to bottom out as well," he concluded.

According to data from the Bank of England, there were 43,414 mortgages approved in May, compared to 43,191 in April.

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