2011 - the year of the first time buyer

  • 'First time buyer' advice dominates enquiries for whole of market mortgage advice in 2011
  • Demand for advice on buy to let mortgages jumps to 25% in Q4 2011
  • Unbiased.co.uk's latest Advice Drivers1 reveals dip in re-mortgage advice enquiries in December 2011

Latest figures from unbiased.co..uk, reveal first time buying was the most sought after area of mortgage advice throughout 2011 on its 'find a mortgage adviser' search.

Data from the professional advice website showed that from January last year consumer searches for first time buying advice overtook all other areas of advice straight through to October ending the year at 36% in December. This reached a peak in August last year at 41% of all mortgage searches on unbiased.co.uk.  On average across the year, 37% of all searches made by consumers on unbiased.co.uk were for a mortgage adviser specialising in first time buying.

Meanwhile the strength of the buy-to-let market saw enquiries jump from 17% in September to 25% in October last year, recording the highest ever number of buy-to-let searches on unbiased.co.uk.  The high level of buy-to-let enquiries continued throughout Q4 generating a quarter (25%) of the total number of searches on unbiased.co.uk's 'find a mortgage adviser' search across October, November and December.

Searches for re-mortgage advice fluctuated, ranging between 29% and 36%, hitting its highest points in January, July and November last year.  These figures are in line with the CML's latest lending figures for re-mortgaging which also reported an increase in November with 31,200 re-mortgage loans, a change of 6% from October. 

Karen Barrett, Chief Executive of unbiased.co..uk, comments: "2011 saw a busy year for first time buyers looking for help with their mortgages.  While mortgage rates are continuing to be low as a result of the ongoing low base rate, lending criteria continue to be tight, leading to an increase in first time buyers looking for guidance and help.

"Mortgage advisers should be encouraged by these figures and look forward to a busy 2012, as we are entering the traditional home buying season.  We are also seeing signs of the buy-to-let market picking up and we expect 2012 to show a continuation of that trend."

Consumers can carry out a free and confidential search to find a whole of market mortgage adviser near them at unbiased.co.uk.

 

Top ten mortgage advice drivers

in 2011

% of total average in 2011

1

First time buyer

37%

2

Re-mortgage

33%

3

Residential

21%

4

Buy-to-let

19%

5

Self Employed

8%

6

High loan to value

7%

7

Equity Release

6%

8

Sub-Prime

4%

9

Flexible

3%

10

Commercial

2%

 

UK's Mortgage Advice Needs - December 2011

Note to editors

1 As consumers can tick multiple product areas when searching for an IFA or mortgage adviser the total percentage of all figures add up to more than 100%.

CML November mortgage lending: http://www.cml.org.uk/cml/media/press/3132

For more information contact:

Karen Barrett, Chief Executive, unbiased.co.uk: 020 7833 3131

Lisa Grando/ Emily Falla/Maddy Morgan Williams , Lansons Communications: 020 7294 3682

For expert commentary or case studies from over 150 media-friendly IFAs, journalists should visit www.unbiased.co.uk/bluebook.

Twitter: @unbiased_co_uk

LinkedIn: Unbiased.co.uk - Online networking for professional advisers

 

About unbiased.co.uk, the professional advice website

The unbiased.co.uk portal is a free and confidential UK-wide search matching consumers with local professional advisers: ‘find an IFA’, ‘find a mortgage adviser’, ‘find a solicitor’, and ‘find an accountant’. These searches enable consumers to find professional advisers by postcode, area of specialism, qualification and payment method. In 2010, unbiased.co.uk fulfilled around 450,000 searches for local, professional advice. 

Unbiased Ltd promotes the benefits of independent financial advice to consumers.  Unbiased Ltd is supported by the following companies:

 

Alliance Trust

Legal & General

Aviva

Lockton

AXA Wealth

MetLife

Bright Grey

Opinium Research

Canada Life Ltd

Prudential

Clerical Medical Investment

Royal London 360°

Franklin Templeton Investments

Schroders

Friends Provident

Scottish Life

ICM Research

Scottish Widows Plc

Invesco Perpetual

Standard Life Assurance Company

J.P. Morgan Asset Management

Zurich Intermediary Group

 

 

Registered Office: unbiased.co.uk is the consumer brand of Unbiased Ltd, 117 Farringdon Road, London, EC1R 3BX.  Registered in England: No. 06775878

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