A report submitted by the Council of Mortgage Lenders in the UK (CML) hints that mortgage lending in the country will witness an increase by the end of 2010. This prediction belies the sluggish movements that the mortgage sector has seen in the early months of 2010.
The performance of the UK mortgage sector has been sub-par up till now, admits CML. However, the council also believes that the performance of the sector will see a steady improvement all through 2010.
The first quarter of 2010 is seen by 58% of the mortgage brokers as a consolidation phase for the mortgage industry, during which period an average increase of 7.1% is expected. This expectation contradicts the general pessimism that seems to be clouding the UK economy and the UK property business.
The performance of the mortgage sector in the first and second quarters of 2010 is critical to its sustenance. During this period, the sector stands a chance of being considered a viable entity for short to medium term investments.