Mike Mikunda
Event Director, Mortgage Business Expo
Navigate the UK property market with expert mortgage advice. Learn about the housing shortage impact, rising property prices and crucial mortgage insights for 2024.
Despite recent challenges, the UK property market consistently shows resilience and long-term price growth, mainly due to a significant housing shortage.
Mortgage advice for housing affordability crisis
Demand for somewhere to live dramatically exceeds the number of homes, and the construction of new homes continually falls behind population growth. This underpins property prices, meaning that more often than not, the cost of buying a home increases much faster than wage inflation.
A recent report by the Intermediary Mortgage Lenders Association (IMLA) said that affordability remained a key issue for buyers in 2023, with mortgage interest payments consuming 16.0% of gross income for first-time buyers last year, which is above its long-term average of 14.8%.
To provide the highest standards of service and
advice, mortgage advisers must stay up to date
with rapidly changing market developments.
Arranging a mortgage with suitable rates
The increasing challenge of mortgage affordability puts even greater emphasis on the importance of finding the right mortgage at the best possible rate for your circumstances. The UK mortgage market is incredibly competitive, with many options available for various circumstances.
However, this choice can make it complex to navigate. Many suitable options for business owners, contract workers or people with adverse credit, for example, are only available through professional mortgage advisers — sometimes known as intermediaries.
IMLA expects mortgage intermediaries’ share of lending to keep rising — from 84% last year to 89% in 2024 and over 90% in 2025 — as more people realise the benefits of speaking to a qualified professional when it comes to arranging their mortgage.
Up-to-date mortgage advice for 2024
To provide the highest standards of service and advice, mortgage advisers must stay up to date with rapidly changing market developments. Fortunately, there are resources available to advisers. For instance, the Mortgage Business Expo is a reputable event keeping advisers informed about the latest updates and product developments directly from providers. Attendees can also participate in educational seminars and earn Continuing Professional Development (CPD) points.
Kate Davies, Executive Director at IMLA, says: “Mortgage advisers play a crucial role in ensuring households are in the strongest possible position to achieve their goals when it comes to buying a home or investing property and, with life becoming increasingly complex, their job is only getting more important. Events like the Mortgage Business Expo help advisers to be confident they are helping their clients from a foundation of expertise.”