The New Year has brought a renewed sense of confidence amongst buyers and sellers in the Northwest.

That's according to research issued by Countrywide mortgage Services, the UK’s largest mortgage broker, which shows that competitive pricing has caused the average interest rate of Countrywide’s top 10 most popular mortgage products to fall by 0.48 percent to 4.29 percent in December 09. The results are based on the activities of nearly 800 Countrywide Mortgage Consultants throughout the UK, including consultants based at local agents Bridgfords.

Overall, interest rates for the top 10 mortgage products have fallen for five consecutive months, pushing down the average interest rate in quarter four 09 to 4.73 percent - a reduction of 0.74 percent compared to the previous quarter.

Mortgage applications jumped by 27 percent in quarter four, compared to the same period the previous year, while statistics also issued by Countrywide’s estate agency division reveal a 48 percent increase in new applicants during the same period .

The report also reveals that tracker products are closing the gap on the total volume of mortgage applications. Tracker mortgages have grown from representing three percent of mortgage applications in May 09 to 47 percent in December 09 – with a jump of 10 percent in the last month alone .

Alex Gasteen, Financial Services Director for Bridgfords, said: “In second half of the 2009, we saw a return of confidence from buyers and sellers in the Northwest. This looks set to continue into 2010 as mortgage providers remain competitive and we see more competitive mortgage products appearing on the market, which is great for our customers.”