How has your year been so far? The general feeling seems to be that the market is somewhat subdued, particularly for home purchase and buy-to-let.
In fact, the results of our Twitter poll this month found close to half of respondents were experiencing an ‘all-time low’ in buy-to-let business.
There are green shoots as rates settle — be they higher than a year ago — and plenty of remortgage and product transfer business
Recent data from the Bank of England shows house purchase approvals fell for the fifth month in a row to the lowest number since January 2009, excluding the period when the market was impacted by Covid.
Meanwhile, the latest Nationwide House Price Index showed prices fell by 1.1% in February, dropping at the fastest rate since 2012. Paradoxically, a Zoopla report last week stated that the gap between property asking prices and selling prices was at its widest in five years.
It makes sense that the national media cover the stats from these in-depth reports but, as Cat Armstrong points out in this month’s Buy-to-let Watch, bombarding borrowers, be they residential or landlords, with too much data may only confuse them and further drag out decision making.
The shortlist for this year’s awards will be announced in the coming weeks so keep your eyes peeled
After all, talking down the market can only have a knock-on effect, scaring buyers into inaction.
But there are green shoots as rates settle — be they higher than a year ago — and plenty of remortgage and product transfer business, as Jeremy Duncombe observes in our cover feature interview, marking Accord’s 20th anniversary.
At Mortgage Strategy it’s a busy month ahead. The shortlist for this year’s awards will be announced in the coming weeks so keep your eyes peeled for that, and judging will begin very soon.
In case you missed it, this year’s awards host has been announced: comedian Ellie Taylor, best known for TV shows The Mash Report, Ted Lasso and last year’s Strictly Come Dancing.
The general feeling seems to be that the market is somewhat subdued
In no time we will all be celebrating the best night of the year, on 25 May at Grosvenor House Hotel in London.
This month we also say farewell for now to our lovely Becky Bellamy as she heads off on maternity leave.
But we look forward to greeting new reporter Linda Ramm. I’m sure you’ll all make her feel very welcome in this fabulous industry!
This article featured in the March 2023 edition of MS.
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