The Growth Series

Podcast #96 - Economists' Outlook for Mortgage Brokers Part 2



In episode 96 of this two part Growth Series podcast, Jeremy Duncombe,Managing Director at Accord Mortgages, speaks with Rob Thomas, Principal Researcher at IMLA, and Charles Roe, Director of Mortgages at UK Finance, about what’s in store for the mortgage market in 2024.

Charles believes there are continuing challenges in the market, particularly with regards to affordability, but stresses it is not all doom and gloom. For example, he says the Bank of England should reduce interest rates over the coming months, which should lead to swap rates coming down and home movers coming back into the market.

Rob adds that he expects to see house prices go up this year if interest rates start to fall. However, he points out that while the market expects conditions to improve this year, the geopolitical background remains very fragile, particularly in the Middle East.

Jeremy then asks about the outlook for the buy-to-let sector, following a difficult 2023. Rob believes the underlying picture is quite strong as rents are still rising, which means there is still high demand.

However, Charles believes ongoing uncertainty about net zero and energy-efficiency policies remains an issue for landlords.

Next, Jeremy asks about what’s likely to come in the Chancellor’s Spring Budget. Charles says he wants the government to look at the Lifetime ISA scheme to make it fairer for homeowners who want to take out some funds that they put into it, as well as for stamp duty to be permanently extended to £425,000. 

Rob adds that he would like to see the Chancellor announce measures to help first-time buyers.

Finally, Jeremy asks Charles and Rob what opportunities there may be for mortgage brokers and firms in 2024 and beyond.

Charles says mortgage brokers have an enormous part to play in the success of the UK's housing market, and that the increase in the percentage of mortgages being revised through brokers will continue.

Rob, meanwhile, believes many opportunities for brokers exist in the later life lending market, as many baby boomers are getting to an age where they’re paying their mortgage off.

Listen to Part One 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, you can sign up to the Growth Series here.

00:45 to 22:19

  • Introduction to guests
  • Predictions for 2024
  • The outlook for the buy-to-let sector
  • The Spring Budget
  • Opportunities for brokers in 2024


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