Barclays Wealth in the Isle of Man has seen the volume of mortgage drawdowns in the first quarter of 2010 increase by 35% compared to the same period in 2009.

Confidence in the property market seems to be increasing with a general feeling that 2010 will show significant improvements.

Andy Booth, Head of Local Markets, said, "The Isle of Man was less impacted by the economic downturn than many other jurisdictions but there was a noted reduction in confidence in the property market.

"Barclays Wealth has been able to instil confidence in its clients throughout the economic downturn through remaining independent. The economic climate has made the past year one of the most challenging in recent history but Barclays Wealth has helped clients to weather the storm."

In the Isle of Man, the number of mortgage drawdowns has grown from 43 in the first quarter of 2009 to 58 for the same period in 2010.

Despite new case values falling by 11.42%, submissions have increased by almost 50% from 37 in 2009 to 55 in 2010.
 

Andy continued: "The banking industry has a part to play in restoring confidence by providing customers with tailor-made products.

"We are currently running a cashback offer on clients’ mortgage arrangement fees and have introduced innovative new mortgage products this year, making it is easier for people to get onto the property ladder or be able to move their mortgage to us. 

"The same approach is being used for our savings products and we have recently introduced a saver account which has tiered interest rates dependent on the level of investment, and which offers a bonus on your initial deposit."