A prediction with regards to mortgage activity in the UK has been made by the Council of Mortgage Lenders recently, with officials from the agency predicting that 2010 will see the level of mortgage activity in the UK increase.
The agency released a report recently which indicated that mortgage activity would start to pick up in the latter part of this year.
The CML is sticking to its predictions even though mortgage activity has been slow for the start of the year. However, it is thought that one of the driving factors behind the slow level of mortgage activity for January is the fact that many people rushed through their property transactions for the month of December last year so that they could benefit from the stamp duty holiday before it came to an end at the start of this year.
As a result of this December rush there was a bigger than usual dip in property transactions and mortgage activity for the months of January, and this could continue for the next couple of months.
There are also still many restrictions in place when it comes to getting a mortgage, although the CML has also predicted that the mortgage markets will ease as the year goes on and this will make mortgage loans more accessible to consumers, which in turn will have a positive effect on property transactions.
A survey has also shown that mortgage brokers are hoping for a promising year this year, with many predicting that the level of mortgage related enquiries will increase over the next few months by an average of 7.1 percent.
Reports have also shown that the property market has started leaning towards sellers once again, with sellers now able to get around 93 percent of their asking price when selling their homes.