Trends in 2024
What area of the market has been popular so far in 2024? Why is this? How have you catered to this demand?
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Remortgages will be huge in 2024. I think we will see a flood of clients who naively signed up to 5 year fixed rates in excess of 6%, realise their mistake when the rates start tumbling this summer. 2024 will definitely be the year of the ERC and the banks are in for a bumper pay day because of it!
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I think we've seen demand across all areas of our market. As a business we generally are 91% residential based and 9% on buy-to-lets.
We've definitely seen an increased demand in customers looking to discuss talking about fixed rates rather than trackers now that rates have dropped relatively significant since last year, that they were being quoted and also because they're expectation of any more significant price or rate decreases are starting to subside.
We've seen an increased activity in people looking to purchase properties, first time buyers and I think as people have a new expectation on price and affordability that initial shock is gone and they're starting to look at their options and move forward as life goes on.
We had a record December and January and through the past three months we essentially completed over double the mortgages in the previous year.
We've definitely seen an increased demand in customers looking to discuss talking about fixed rates rather than trackers now that rates have dropped relatively significant since last year, that they were being quoted and also because they're expectation of any more significant price or rate decreases are starting to subside.
We've seen an increased activity in people looking to purchase properties, first time buyers and I think as people have a new expectation on price and affordability that initial shock is gone and they're starting to look at their options and move forward as life goes on.
We had a record December and January and through the past three months we essentially completed over double the mortgages in the previous year.
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Knowledge Bank, the UK's largest mortgage criteria search system saw over 1 million searches on the system in 2023. Adverse credit criteria represented 12.1% of the total searches done. This is a huge amount considering adverse credit only represents 0.16% of the criteria on the system. 83% of the total adverse criteria searches, occurred in the residential lending type, with 13% occurring in buy to let. This trend has continued into 2024. "Missed and late payments" are dominating the searches so far this year.
Another revealing element of our data was that the criteria category for “Capital raising for debt consolidation” also featured in the top searches, again both on residential and on buy to let. This strongly suggests that people are very aware of their financial situation and are taking steps to improve this and make their monthly outgoings more manageable. Signposting a trend for 2024 in the mortgage industry.
Another revealing element of our data was that the criteria category for “Capital raising for debt consolidation” also featured in the top searches, again both on residential and on buy to let. This strongly suggests that people are very aware of their financial situation and are taking steps to improve this and make their monthly outgoings more manageable. Signposting a trend for 2024 in the mortgage industry.
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We have had a huge influx of enquiries from First Time Buyers, which in the last 6-9 months has been lacking.
In the first 20 days of January, we had as many new enquiries from First Time Buyers as we had in the last 3 months of 2023.
Buy to lets are starting creep back, this is due to Fixed Interest rates falling and stress rates reducing.
We need both these types of buyers back in the housing market to get homemovers moving up the ladder.
In the first 20 days of January, we had as many new enquiries from First Time Buyers as we had in the last 3 months of 2023.
Buy to lets are starting creep back, this is due to Fixed Interest rates falling and stress rates reducing.
We need both these types of buyers back in the housing market to get homemovers moving up the ladder.
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In 2024, we've seen significant interest in house of multiple occupation (HMO), large multi-unit apartment blocks, and bridging loans among property investors. This trend reflects the growing demand for diverse investment opportunities offering lucrative returns. To cater to this demand, Our Mortgage Broker has tailored our services to provide specialised expertise in HMO financing, large-scale apartment block acquisitions, and efficient bridging loan solutions. We understand the unique challenges and opportunities in these segments and offer tailored guidance and financing options to help investors seize lucrative opportunities in the market.
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We are seeing a good uptick in First Time Buyer Shared Ownership mortgage enquiries so far in 2024 - particularly this week. With the ending of Help to Buy, in our opinion a good thing, purchasing a property on a shared ownership basis does make for a cost-effective alternative with borrowing up to 100%.
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Shared ownership! Goodness me, we have suddenly got a lot of enquires of these! sometimes its tough to meet affordability, but if you work alongside the client and advise them from the start, you can manage expectations and hopefully make it all fit for them. Pkease though, make sure the rental share has proper insurance too.
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It’s been an interesting start to 2024 in the property world. What we’re seeing a lot of is investors looking for quick wins. They’re buying up properties, doing them up, and flipping them fast. It’s not so much about renting them out anymore – what with the rates being what they are and the hassle for landlords increasing. So, we’ve been busy sorting out bridging loans for clients. They want quick, easy finance to get in, do the job, and get out with a profit. And that’s exactly what we’re here to help them with.
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First time buyers have come back in force with lower rates making getting on the ladder more palatable from a cost point of view. Plus lower rates have freed up more home movers further up the chain to make moves, unlocking what's been for the last 18 months, a fairly stagnant housing market
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Remortgages seems to be on the increase, lots of people coming off the 1s and 2%.