Do you expect 2024 to be a big year for brokers?
Do you think 2024 will be a big year for brokers? Why do you think that is? What support will your customers' need primarily this year?
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3 responses from the Newspage communityCopy all
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Without a shadow of any doubt 2024 has started with more oomp!! & pazaaz!! than we had during the whole of 2023. The market seems to have accepted that we are a long way from the low rates of 1 or 2% and with inflation figures seemingly back in control, lenders seem more inclined to reduce rates than increase. All these nuances are giving the buyers and the sellers a nudge towards an air of optimism that has been missing for a while. We must not get carried away, swap rates are wobbling and outside market forces still conspire to change everything on the toss of a coin, we could see rates rising again if lenders feel the need to ringfence themselves for safety. BUT for now its looking a lot more like business as usual long may it continue.
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With constant rate changes from lenders, it is looking likely 2024 will be a big year for brokers. In the first week of February alone we have seen rate increases, decreases and complete rate withdrawals, as a client it is almost impossible to keep on top of all the changes. Furthermore, ever changing affordability calculations make it more important than ever for clients to consult a broker before re-mortgaging or puchasing a property. It is no longer as simple as looking at the lender with the best rate before deciding where to go for your new mortgage. As brokers our role in helping clients navigate an ever changing market is becoming more and more essential.
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I am very optimistic about 2024. After the turbulance of the Covid years followed by the impact of inflation, which hit us all in the pockets, I anticipate a steadier, more balanced year for the UK economy and housing market. A year in which a general election is likely to be announced also gives hope for meaningful change.