27 Jan

Demand for houses for sale grows in 2010

Demand for houses for sale grows in 2010

An increase in mortgage applications shows strong demand for houses for sale in 2010.

Financial advisors MyMortgageDirect saw a significant rise in applications for mortgages, as more people visited estate agents to look for property for sale.

MyMortgageDirect director Catherine Hearnden believes a more personal approach to mortgage underwriting could mean more people buying new homes in the future.

She said: "In our experience the number of applications hasn't dropped, so it is not actually that much of a reflection of what is going on in the market.

"The mortgage demand has not been weak – in fact it picked up a lot last year."

Approvals fell in 2010, but the quality of mortgage applicants wasn't any lower, she added.

For an increase in mortgage approvals, underwriters should be able to make judgments in a more personal approach to underwriting.

Just under 400,000 house purchases were approved in 2010, according to figures from the British Bankers' Association.ADNFCR-1222-ID-800368500-ADNFCR

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