Confidence is returning to the property market with new analysis showing an increase in mortgage applications.

The latest Equifax Quarterly Consumer Credit Insights – September 2024 says credit demand is 2.3% higher in the September quarter, compared to the same time last year. Analysis of credit demand i.e. mortgage demand and auto loan demand, shows it is the first quarter of positive growth in mortgage demand since 2021. At the same time credit demand via credit cards, personal loans, and Buy Now Pay Later loans, fell in quarter by 1.9% compared to the same time last year.

Equinox’s general manager of advisory and solutions, Kevin James, says the rise in mortgage demand suggests that consumer confidence is improving. He says this is because many borrowers believe an interest rate cut is on the horizon and he believes the reduction in unsecured credit demand shows that many are making adjustments to deal with the cost of living crisis.