Nearly three-quarters of brokers report rising mortgage demand

Nearly three-quarters of brokers report rising mortgage demand

Around 68% of brokers say they are seeing increased demand for mortgages in 2024 and expect that to continue for the rest of the year, a survey has found.

According to a report from Family Building Society, which surveyed around 160 brokers, the demand increase had been across most types of mortgages, especially on remortgages as fixed deals expire and new home purchases.

The survey added that 61% of respondents said there had been an increase in applications for product transfers.

On the property type side, the most popular was smaller homes at 50%, followed by large family homes at 41%.

The least popular were apartments at 47% and bungalows and maisonettes at 35%.

Regarding mortgage terms, around 74% of brokers said that there was an increase in two-year fixed rate applications as opposed to five-year fixed rates.

The survey added that 73% said the desire for younger people to get on to the housing ladder is as strong as ever.

Around 57% of brokers said there was growing demand where family assistance was involved.

The survey said that the cost of living and rising rents were the “main forces” driving demand, along with concerns that mortgage costs would increase before starting to reduce.

Alistair Nimmo, director of marketing at Family Building Society, said: “It is clear from our survey that brokers see high mortgage demand continuing and fears of a property crash have been exaggerated. The survey also highlighted the desire of younger people to get on the housing ladder is as strong as ever.

“However, as our survey shows, many first-time buyers continue to need parental help to take that first step on the housing ladder.”

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