The Perfect Time to Progress Your Career in the Mortgage Market
27-Jul-17
Recent UK and world events have left many markets reeling and confused. In many cases, this has resulted in people being reluctant to pursue careers within sectors that might be affected by national and international events. The recent general election along with last year’s vote to leave the European Union have created an atmosphere of uncertainty within UK financial sectors. However, there is evidence that in spite of this, the UK mortgage market is booming, with lots of scope for movement of talent within the sector. Estate Agent Today magazine suggests that the mortgage market has recovered almost to the level that it was before 2008, reporting that 30% of mortgage advisors were able to procure mortgages for “any client type” during the second half of 2016. This is double that of the first half of 2015.[i] In 2016 there were 9% more first time buyers in England then the previous year, with 5% more in Scotland, 7% in Northern Island and 11% in Wales. [ii] With regards to the amount lent, the UK mortgage market is the largest in Europe, currently worth £1.3 Trillion.[iii] Fewer Buy-to-Let Properties giving more opportunity to first time buyers It is true that with last year’s increase of stamp duty taxes for buy-to-let buyers, along with a reduction in tax breaks, landlords may be less inclined to buy. However, with lenders having fewer landlords wanting to borrow, they are likely to be keen to lend to other buyers. This will include first time buyers; a group who have been struggling to get on the housing ladder for a number of years. Many have been postponing buying through the past couple of years, but this has created what the Guardian describes as a “pent-up demand” among first time buyers. [iv] This may lead to competition for the purchase of some properties. Brexit perhaps not as concerning as it first appeared? While no one is really able to predict what Brexit will do to any market, the mortgage market is currently not showing much ...
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