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Remortgage applications reach record highs for 2010

01-05-2011 11:58 AM CET | Industry, Real Estate & Construction

Press release from: Countrywide

Grenville Turner, Chief Executive of Countrywide, the UK's largest property services Group, said;
Despite the subdued market conditions, our mortgage applications rose 5.8 percent in November compared to the previous month. The largest increase in mortgage applications came via remortgage customers, with the total number of cases jumping 24 percent to make up 29 percent of all mortgage applications in November.

Three out of the Top 10 Mortgages applied for by Countrywide customers in November were for remortgage products, pushing the average deposit up to 26 percent, a five percent increase on October when only a single remortgage product featured in the Top 10 Mortgages listing.

November's steep increase in remortgage activity also had a strong impact on the average interest rate for November's Top 10 Mortgages applied for, which fell by 0.31 percent to 4.30 percent – the lowest since December 2009.

The buy-to-let mortgage market continues to grow with applications increasing by 4 percent in November, which is partly driven by lenders to competitively price products.

The increased buy-to-let mortgage lending activity over recent months reflects the growth of new properties entering the private rental sector. The number of new properties entering the rental market rose by 7.75 percent in November but despite this, the total volume of available properties to rent is still in short supply with over 14,000 new tenants registering for rental accommodation in November alone.

During the final months of 2009, the market saw a surprise uptick in activity but the economic challenges facing the housing market this year are gathering pace and look set to continue in 2011. Our research confirms industry fears that restricted lending is creating a two tier market so only buyers with deposits in excess of 25 percent can access the best rates, which is forcing many first time buyers out of the market.

Key Facts – November 2010

Mortgages: (based on the activities of the UK's largest mortgage broker with approximately 650 mortgage consultants)
o Applications: Overall mortgage applications increased by 5.8 percent, reaching their highest level since June 2010. Remortgage applications rose by 24 percent compared to the previous month, making up 29 percent of overall mortgage applications in November.

o Buy-to-let: Applications for buy-to-let mortgages increased by 4 percent in November compared to the previous month.

o Interest rates: The average interest rate of the Top 10 Mortgages applied for by Countrywide customers was 4.30 percent, down 0.31 percent from October 10. (A 0.47 percent decrease on November 09).

o Fixed vs. Tracker: The overall percentage of purchase customers opting for fixed rate mortgage products increased by 3 percent, with fixed products making up 76 percent of all mortgage applications in November 2010 – the highest percentage ratio since September 2009.

o Early indications: Please view Countrywide's Most Sourced Products to see daily highlights of the most popular mortgage products being sourced by UK mortgage consultants.

Residential Lettings: (based on the activities of the UK's largest estate agency & lettings network, operating 1,300 offices)

o Rental instructions: The number of new properties entering the market rose 7.75 percent in November – the seventh consecutive monthly increase. Supply levels still remain a key concern as demand remains high with over 14,000 new tenant applications in November alone.

o Tenant applications: In line with seasonal trends, the level of new tenant applications fell in November compared to the record highs during the summer months but overall tenant application volumes were up 14 percent compared to November 2009.

Estate agency: (based on the activities of the UK's largest estate agency & lettings network, operating 1,300 offices)

o Buyer enquiries: The number of new buyer enquiries fell by 12 percent in November compared to the previous month. Overall new buyer enquiries have fallen by 4.8 percent year–to-date when compared to the same period in 2009.

o Viewings conducted: Adverse weather conditions hampered the number of viewings carried out across the UK, which fell by 12 percent compared to the previous month. Overall viewings have fallen by 4.5 percent year-to-date when compared to the same period in 2009.

Countrywide is the UK's largest and most successful estate agency and property services Group,
operating more than 1,200 associated branches across England, Scotland and Wales.

Countrywide’s network of expertise helps more people move than any other business in the UK and
is a leading provider in estate agency, lettings, mortgage services, land and new homes, franchising,
auctions, surveying, conveyancing and corporate property management.

Countrywide’s award‐winning service has earned the business more than 29 high‐profile industry
awards in the last two years alone, which include Estate Agency of the Year (National Chain), Letting
Agency of the Year (National Chain) and Land and New Homes Agent of the Year at the 2009
Negotiator Awards, Best Surveyor and Valuer at the 2009 Mortgage Strategy Awards and customers
voted Countrywide Best Estate Agent at the 2009 Estate Agent and Letting Agent of the Year
Awards.

Countrywide's properties are available to search on http://www.propertywide.co.uk

For further details, contact Gemma Stacey on + 44 (0)7515753344

Countrywide House
88 - 103 Caldecotte Lake Drive
Caldecotte
Milton Keynes
Buckinghamshire
MK7 8JT

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