In episode #140 of the Growth Series podcast, Jeremy Duncombe, Managing Director at Accord Mortgages, is joined by Charles Roe, Director of Mortgages at UK Finance, and Rob Thomas, Principal Researcher at IMLA, for the fourth annual Economists’ Year in Review. Together, they reflect on how the mortgage market performed in 2025, where forecasts proved cautious, and what shaped a year that ultimately outpaced expectations.
Gross lending closed at around £288 billion, comfortably ahead of both UK Finance and IMLA forecasts. The conversation opens with an honest assessment of why activity proved stronger than anticipated. Improving affordability, real wage growth and regulatory adjustments all played a part. Changes to loan-to-income flow limits and clearer affordability stress guidance allowed lenders to respond quickly, with appetite returning faster than many expected.
From there, the discussion moves beyond the headline number. Was this performance driven by genuine market strength, delayed demand finally coming through, or lenders reacting swiftly to regulatory change? Jeremy challenges both guests on whether early economic concerns were overstated and whether some risks are simply taking longer to show themselves.
The episode also explores how different parts of the market behaved beneath the surface. Buy-to-let continues to shift, with some landlords stepping back and others stepping in. Borrowers faced a choice between convenience and potential savings, leading to notable patterns in product transfers and remortgaging. The panel examines what those choices reveal about confidence, affordability and expectations for rates.
Perhaps most thought-provoking is the closing discussion. With arrears remaining historically low and lender innovation accelerating, are current credit standards striking the right balance? And with housing supply still lagging political ambition, what does that mean for brokers and their clients?
It is a candid, data-led conversation that looks beyond the headlines and sets up some important themes for 2026.
Listen to more podcasts in the Economist Series here.
The Growth Series is a dedicated and FREE resource for mortgage brokers, containing blogs, guides and podcasts to help you scale and grow your business. For more hints and tips on how to grow your business, access for free here.
01:45 - 21:46
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