openPR Logo
Press release

Remortgage applications rise to 2009 levels

02-21-2011 03:32 PM CET | Industry, Real Estate & Construction

Press release from: Countrywide

The volume of remortgage applications reached the highest level since January 2009; according to Countrywide, the UK's largest mortgage broker.

Speculation surrounding base rate rises saw remortgage applications make up 32 percent of all mortgage applications in January, a five percent increase on the previous month.

Three out of the Top 10 Mortgages applied for by customers through Countrywide's network of 650 mortgage consultants were remortgage products and customers provided an average deposit of 32 percent which gave them an average interest rate of 3.26 percent. Overall, the average deposit required for the Top 10 Most Popular Mortgages in January was 22 percent, with an average interest rate of 4.24 percent showing the difference between remortgage and house buying transactions.

Fixed rate products made up 84 percent of all mortgage applications in January – a 9 percent increase on the previous month, which saw fixed rate products reach their highest level since August 2009. A large proportion of remortgage customers also opted for fixed rate remortgage products making up 86 percent of all applications - an 8 percent monthly increase and the highest level since July 2009.

Grenville Turner, Chief Executive of Countrywide, the UK's largest property services Group, said;
"The growing popularity of fixed rate mortgage products is a telling sign that many are prepared to pay slightly more to give themselves peace of mind and stability with regards to their outgoings. Overall, the reality is that for the last 2 years only those that have had to move have done so. Discretionary movers, who typically make up somewhere around half of all transactions are beginning to evaluate whether this is now the time to make a move."
Grenville added: "The government has set targets to increase business lending to small and medium sized enterprises, it would be equally valuable to the economy if a deal could be struck with top lenders to help buyers gain affordable mortgage finance. I hope the government's First Time Buyer Summit held earlier this week addresses these key issues to incentivise and stimulate the market. An immediate move to remove stamp duty on properties up to £250,000 would be a positive start."
Market Insight – January 2011
Mortgages: (based on the activities of the UK's largest mortgage broker with approximately 650 mortgage consultants)
o Applications: The overall number of mortgage applications rose 43 percent in January compared to December 2010, a decrease of 2 percent compared to January 2010.
o Interest rates: The average interest rate of the Top 10 Most Mortgages Applied for by Countrywide customers fell by 0.11 percent to 4.24 percent compared to December 2010.
o Deposits: The average deposit required for the Top 10 Most Popular Mortgages was 22 percent. A decrease of 4 percent compared to December 10. In comparison, the average deposit in January 2010 was 19 percent.
o Early indications: Please view Countrywide's Most Sourced Products to see daily highlights of the most popular mortgage products being sourced by UKmortgage consultants.
Estate agency: (based on the activities of the UK's largest estate agency & lettings network, operating 1,300 offices)
o Property instructions: The number of homeowners putting their properties on the market increased by 100 percent in January compared to the December 2010. However the figure was down 5.8 percent compared to January 2010.
o Market appraisals: Homeowners considering putting on their property on the market rose 146 percent in January 2010, a decrease of 5.6 percent compared to January 2010.
Residential Lettings: (based on the activities of the UK's largest estate agency & lettings network, operating 1,300 offices)
o Tenant applications: There was a sharp increase in new tenant applications in January with over 19,500 applications registered – a 139 percent increase on the previous month and a 12 percent increase on January 2010.
o Available properties: The number of rental properties available fell by 3 percent in January compared to the previous month - a 6 percent fall compared to January 2010.

http://www.countrywide.co.uk

Countrywide is the UK's leading provider of integrated property services, employing around 8,000 personnel nationwide. Its UK network of local brands provides both corporate clients and home movers with a comprehensive range of property related solutions, delivered with valuable local expertise.

Countrywide House
88 - 103 Caldecotte Lake Drive
Caldecotte
Milton Keynes
Buckinghamshire
MK7 8JT
Tel: 01908 961000

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Remortgage applications rise to 2009 levels here

News-ID: 163385 • Views: 1563

More Releases from Countrywide

Commenting on today's budget, Grenville Turner, Chief Executive of Countrywide, …
"The measures announced today are a step in the right direction for the thousands of buyers struggling to get on the property ladder. First time buyers underpin the property market and there is pent up demand for assistance like this. As the UK's largest new build agent, we're confident that the launch of the Firstbuy direct scheme will encourage more first time buyers to purchase new build properties – which
Countrywide reports marginal improvements in the housing market
There were some modest signs of improvement in the residential housing sector, with buyer, tenant and mortgage applications increasing in February; according to Countrywide, the UK's largest Property Services Group. Property viewings - one of the leading indicators of buyer appetite - increased by 40 percent in February[1] across Countrywide's network of 1,300 estate agency and lettings offices. The number of sales agreed also rose 47 percent[2] in February; however, overall
Dixons Estate Agents expand network in Birmingham
Rising confidence in the Birmingham property market has enabled Dixons to expand its branch network across the Midlands with the opening of a new flagship branch in Birmingham City Centre. Operating for over 80 years, the growing market across the Midlands has enabled Dixons to open its 36th office in the region. The new branch is situated opposite the entrance to Birmingham's renowned Mailbox in Westside on the Suffolk Queensway in Birmingham,
Countrywide expands letting operation in the North East
Countrywide, the UK's largest letting agent and property services Group, is continuing its expansion plans with the purchase of North East specialist letting agents Property Quarters. Property Quarters is a long established brand that has been operating in the North East for over 33 years through its flagship branches in North Shields and Whitby Bay. Margaret Longden, Co-Managing Director said: "Property Quarters has always impressed us and we're proud to

All 5 Releases


More Releases for January

Knicker Locker's Big January Sale
Knicker Locker will be having some fantastic online offers starting from the 1st January 2019. As part of our January sale, we will have up to 40% off seasonal lingerie including brands, Huit, Freya and Wacoal. This includes camisoles, basques, mastectomy bras and sports bras. We will also be offering a clearance sale with up to 50% off all our gorgeous nightwear collection and even up to 40% off designer swimwear just
Property And Casualty Insurance - US - January 2017
The insurance industry is competitive, as most people make their insurance choices based on price. However, technology is sparking some real innovations in the industry, and they are beginning to attract attention. Because it is easier to attract new, young customers than it is to get older ones to switch, insurers should focus not just on price but also on technological solutions that allow consumers to interact with insurers in
Four ways to rescue January
Amsterdam, 16 January 2017 – Of all the months of the year, January has precious little going for it. Holiday festivities are over, the tree has been taken down and the glitter swept away, and ahead are freezing-cold, dark weeks seriously lacking in sparkle. If hibernating until spring isn’t an option, the alternative is to find ways to enjoy it. MMD, a leading technology company and brand license partner for
The Veterans Inaugural Ball, January 20, 2017
Alliance of America’s Veterans Holds Ball to Celebrate the Presidential inauguration Washington, D.C., March 11, 2016-In celebration of the inauguration of the 45th President of the United States, an alliance of veterans and Veteran Service Organizations will host an elite, non-partisan inaugural ball at the prestigious Hay-Adams Hotel in Washington D.C. The Veterans Inaugural Ball will benefit the Coalition to Salute America’s Heroes, Military Order of the Purple Heart,
Analytiqa: Logistics Bulletin: Friday 26th January
This week\'s Logistics Bulletin reports on joint ventures and M&A activity from across the globe. Kerry Logistics and TALKE Logistic Services have signed a joint venture agreement to provide a full range of specialist chemical logistics services throughout mainland China. In the US, Swift Transportation is to be acquired in an all-cash transaction valued at approximately US$2.74 billion. Swift operates the largest truckload fleet in the US with over 17,900
Analytiqa: Logistics Bulletin: Friday 19th January
This week\'s Logistics Bulletin reports on M&A activity, global expansion strategies, contract wins, DC developments and legislative issues from around the globe. The week\'s events were dominated, however, by the news that CEVA Logistics (formerly TNT Logistics) has appointed John Pattullo as Chief Executive Officer, once his transition from Chief Operating Officer of the EMEA division of DHL Exel Supply Chain has been completed. In financial news, Geodis has reported