How was your summer? Yes, it flew by, as per the consensus. But, while July and August are usually considered ‘the silly season’ as the media struggle for newsworthy stories, the summer wasn’t slow in news terms this year.
Thankfully, there has been a turn-up for the books on mortgage rates, which many lenders have begun to cut steadily following months of rises.
It’s still not an ideal state of play for anyone looking for a new mortgage deal, compared to what was on offer pre-Covid, but it will be of some relief as rates appear to have peaked for now.
Who knows what new regulation will come next, but worrying about the future is as useful as a chocolate teapot
As you all know, it’s an ever-evolving market that didn’t have the decency to take a summer break, so what’s around the corner is anyone’s guess.
HMRC’s property transaction data for July showed that, while the number of residences sold was up 1% on the previous month, the figure was down 16% on last year. So the market remains subdued but there is a glimmer of hope in the monthly rise in movement.
It’s been a hard slog for mortgage professionals for years but it’s evident that the painstaking work of brokers is paying off. This month’s cover feature delves into the rise of advisers’ market share, predicted to jump to 90% of all mortgage business next year. That’s a whopping stake and proof in the pudding of your good work.
In other fun regulation news, the Consumer Duty deadline came and went without much fuss. As reported in our second feature, many businesses found it a ‘relatively smooth transition’ and were already practising the guidelines under TCF. But it was a mountain to climb for others, who say they didn’t receive adequate support from the likes of networks.
It’s been a hard slog for mortgage professionals for years but the painstaking work of brokers is paying off
Who knows what new regulation will come next, but worrying about the future is as useful as a chocolate teapot.
Let’s take each day as it comes and, for now, grasp the modicum of stability in the air and hope it sticks around!
This article featured in the September 2023 edition of MS.
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