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Month of two halves for remortgaging


January has been and gone as will most of February by the time you read this. The slightly scary thought is that be you a lender, intermediary or supplier, there are only 10 equivalent periods left to achieve aspirations for 2011.

If they all fly by like January, we will be planning for 2012 in the blink of an eye.

One consequence of this is a growing appetite from partners for objective and crucially real time analysis of market data to assist planning. For example, based on the day-to-day level of demand for various valuation types, accurate overall lending levels can be predicted for a period.

January was characterised by two distinct halves. Overall purchase approvals shrank to the lowest level since February 2009 following a weak December made worse by the atrocious weather.

The remortgage market also declined with its first month on month fall in December since June. Volumes fell 5.2% month on month in January.

But the latter part of January saw an uplift in demand, perhaps partly as business deferred from December was resubmitted for fulfilment.

Fears over interest rate movements stimulated the remortgage market and these effects will have a positive impact on February’s lending figures.

With the housing market and wider economy remaining weak, how far this trend will continue is debatable.

No doubt we’ll all be watching the numbers closely.


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