According to one source, business has dropped off by roughly 30 per cent since the beginning of September.
Speaking to Mortgage Introducer, the source said: “I was chatting to one of the main valuers and it said that business volumes have been down close to 30 per cent since the Summer.”
This was backed up by Richard Sexton, business development director of e.surv.
He said: “I’d endorse that, as since September there has been a steady decline in the size of the market. From our point of view, we’ve taken on a number of new contracts so it’s slightly different for us. However, without that, 30 per cent would be a rough figure, although for some lenders this may be as high as 50 per cent and others slightly less.”
Sexton admitted that the unprecedented conditions being experienced by the financial markets were making it difficult to predict a return to normality but Spring would be an important indicator.
“I hope there will be a recovery in the purchase market as this is very much seasonal. Hopefully, there will also be a rate cut early in the year to stimulate the market. The number of mortgages coming up for renewal will also be important. However, it’s almost impossible to predict anything in these unprecedented conditions.”
