Together they talk about the new build market and discuss how mortgage brokers can work with developers to grow their businesses. Andy describes how the demand for housing exceeds the rate houses are being built, but there is still a year on year increase in the number of new builds.
Help to buy has meant that more people are eligible for mortgages, driving demand for new homes and giving people access to properties they otherwise wouldn’t be able to afford. All in all, the new build market is in strong shape.
There is often a lot of demand in the new build market with, typically, four or five prospective buyers per plot. This gives brokers an incentive to establish rapport with their customers. Those who don’t buy may provide good business later on.
When operating in the new build sector, working with the property developer is an important part of your job. Keeping them informed about the progress of sales is essential in what can be a high pressure sales environment.
Looking into the future, Andy says the way that developers build houses could change, using different material to bricks and cement that are cheaper, more sustainable and have a better environmental impact. Mortgage brokers would need to get accustomed to new products that may emerge in this scenario.
Want to know more about first time buyers? The next episode of the Growth Series will focus more explicitly on their needs and how mortgage brokers can best fulfil them.
0.00 - 1.02 Welcome and introduction
1.02 - 24.05 In conversation with John Brenan, Media Relations Manager at Accord Mortgages and Andy Frankish, New Homes Director at the Mortgage Advice Bureau, discussing the new build market, specifically detailing:
The state of the new build market
The help to buy scheme
How mortgage brokers can adapt their business to succeed in the new build market
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