Brokers - has there been a summer slowdown?

We have had a busy few months, as even though purchases have reduced - people now more than ever need advice on their remortgage. So those that may have chosen to go direct to a bank are now seeking out a broker, as every penny counts in this current climate. So we have been busy taking on lots of new clients that are having their first experience of using a broker, which is great to see.

It's quiet, that's for sure. But after a volatile first half of the year, we're welcoming a period of calm for August.

It's allowed us to spend more time with our existing clients, reviewing their current deals and making sure we are staying on top of the market and locking in the most competitive deals for them.

Is this a sign that we are returning to the normality of seasonal workloads? It could be, but I'm not booking December off just yet!

We’ve seen a reduction in purchase enquiries but this is expected due to holiday season. Talking to eatate agents they’re quietly confident that the market is still strong and expect to see a raft of activity coming into September. The good news is that borrowers seem more savvy and keen to secure their new remortgage deals 6 months in advance of existing expiry dates due to the uncertainty in the markets and will rates tumbling to is a must.

There feels to be a little calm returning to the market following the surge in rates a few weeks ago when people were scrambling to secure deals before they were pulled and replaced with high-priced options, so the workload in terms of mortgage transactions is a little less, but this only means it restores time in my diary to concentrate on the other important and connected advice areas for them; personal protection for and property insurance.

As mortgage rates surged following the higher-than-expected inflation number for May released in late June, prospective buyers have adopted a 'wait-and-see' approach since early July. The summer slow down therefore started a month early, and the hope is lower mortgage rates from September will see those buyers come back to the market with refreshed and with renewed enthusiasm.

We have observed a period of relatively very low business and enquiries since the midpoint of July, a timeframe that aligned with the school holidays in the Leicester area. This lull followed a busy period spanning April through June. Consequently, it is our assessment that this downturn is unlikely to be attributed to fluctuations in interest rates; rather, it can be more reasonably attributed to the school holidays and corresponding travel plans that often draw people away.

Such patterns have been noted in the past, and we have historically found for activity to regain momentum around the middle of September. As such, our current level of concern remains low.

Normally August is only beaten by December and it's Christmas shutdown when it comes to being dead as a Norwegian Blue Parrot. Not this year though. Enquiries have been brisk with purchase work if anything are getting busier in a more settled market and remortgage work continuing to be really strong.

Traditionally summer has been slower as clients are off on holiday however, this year has proved to be an exception. With the volatile interest/swap rates starting to dip we've seen a wave of clients come back to the investor market!

So far in August, we've had just under £40m in new loan inquiries. Half of this will be from clients delaying putting offers in but no less staggering. What's even better is we are only half way through the month.

The next few months look to be just as promising given the pipeline, and what's proving most interesting is we are seeing more and more larger deals (£1m+) as investor confidence increases.

Off the back of this we have been extending our own capacity to cope with the volume of business and developing new facilities in the background to further help clients save money.

We're glad to see the efforts we've put into both creating new types of facilities and offering a level of service and care beyond the norm has lead to our continued growth.

Usually, we dont follow a trend as we have very niche clients, but new business has taken a bit of a slow down this month. Not majorly as there is still a good flow, but it is a bit slower than we are used to. Next stop, the xmas slowdown... Actually, its nice to slow a bit as I can actually see my family again! Plus get more out on the socials.

I feel like while im sat in my office looking at rates everyday everyone else must be on the beach sipping pina coladas as it certainly has dropped off on the purchaser side. Luckily, we are as busy as always with existing clients and talking though their options and discussing in most instances the increase in mortgage payments.