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Mortgage applications hit pre-recession levels

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  • 13/04/2010
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Mortgage applications hit pre-recession levels
Countrywide has revealed mortgage applications increased to levels not seen since February 2008, rising 20% in March compared to February.

Homebuyers have remained undeterred by the uncertain economic future, with mortgage applications increasing for the third consecutive month in March, taking Q1 2010 overall volumes 9% up on the same period last year.

The rise in application volumes indicates that property buyers have a renewed sense of confidence in the market, with an increased number of products to choose from, which increased 8% in March compared to February. This was a 112% growth on March 2009.

Despite a recent surge in the popularity of tracker mortgages, which accounted for half of all mortgages in December 2009, fixed rate deals have rebounded. They made up 61% of applications to Countrywide in March, an increase of 4% on February, while trackers had a 34% share, down 2% on February.

Grenville Turner, chief executive of the Countrywide Group, said: “Widespread uncertainty surrounding the economy and election does not appear to have deterred mortgage customers, which might partly be due to the number people who have sat tight during the recession and are now ready to move regardless.

“While the longer term outlook is unknown, the forthcoming election is not deterring buyers at present and mortgage applications always provide a good indication of consumer confidence.”

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