One of the many effects that the pandemic has had on the housing market is to create a surge in demand for bigger homes away from the main cities. This is due to people working from home more and wanting greater space, and it has helped keep house prices rising, but is it something advisors can benefit from?
Even as the country gradually starts to return to something approaching normality, there is a strong chance that the numbers seeking a quieter and more spacious place to live in will remain quite high. Many people are set to continue working at least partially from home and will want properties that offer them more breathing space. So, what does this mean for mortgage advisors?
Although there is some dispute about how high the numbers seeking such homes will be next year, industry observers are in agreement that it offers opportunities for advisors. The feeling is that the rush to find spacious homes situated outside of cities, coupled with rises in mortgage rates, will leave borrowers needing professional advice more than ever to help them navigate a volatile market and find the right home.
However, sure as they are about what they want, borrowers do not have the advantage of having done a CeMAP training course and built up years of experience within the industry. Advisors who can locate the right contacts within the market – for example, with more specialist mortgage lenders that offer loans tailored to the circumstances of clients – are well placed to exploit the property space race.