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New indices to track confidence

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  • 05/09/2002
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Two new market indices have just launched. Virgin One Account has launched its first Mortgage Outloo...

Two new market indices have just launched. Virgin One Account has launched its first Mortgage Outlook Index (MOI), a quarterly monitoring of the mood of mortgage advisers, while right-move.co.uk. has launched Real- time Property Report, an indicator of residential property prices, based on the asking prices of 30% of the homes on the market.

The first MOI shows mortgage advisers have a positive outlook on future prospects and are fairly untroubled by regulation. Some 83% either agreed or agreed strongly they were positive about the coming year’s sales opportunities. Just under half at 47% think mortgage business will increase in 2003.

Nearly two-thirds (60%) believe service from lenders has been good over the past quarter and only 14% thought service was not good enough. Almost half believe regulation will improve business prospects ‘ only 7% disagree.

Scott Mowbray, marketing manager at Virgin One, said: ‘The first MOI paints a positive picture in a competitive environment. Advisers have an upbeat outlook on future sales and are taking regulation in their stride. It will be interesting to see if their mood changes when regulation is implemented.’

The Real-time Property Report shows a two-speed property market, with London and the South East as the losers.

London saw two consecutive months of declining prices, a total of -1.9%, and one month of decline in the South East (-1.8%), suggesting prices in this area may have passed their peak. The decrease was confined to detached and semi-detached houses.

The best performing regions are East Anglia (5.4%), Wales (5.3%) and Yorkshire and Humberside (4%).

The report said: ‘August has seen the clearest sign the 2002 house price boom is slowing. But with average prices up 0.8% in the last month alone, the rate of increase is still well above the long-term trend and eight times general price rises in consumer goods.’


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