Mortgage advisors have been reporting that the first month of 2023 proved to be much busier than many of them had been anticipating, with some experiencing record volumes of work.
Responding to questions from Mortgage Solutions, a number of advisors in the UK stated that January had seen their businesses hit new heights in terms of activity. One of them was Richard Dana, who is the Tembo Money CEO and co-founder. He said last month had been the company’s most successful one since it was first launched.
He went on to point out that many clients were more wary of paying large sums for homes now and that an increasing number of homes were being valued under the offer price by mortgage lenders.
Dana went on to say that house valuations dropping was a good thing for those trying to buy for the first time, if not for those selling, before adding:
“With the consensus of a 10-15% reduction in prices from the peak last summer, it feels like that is what buyers have in mind when making offers.”
The positive outlook is further backed up by a number of companies connected to the housing market that reported better results than expected for January. Sebastian Riemann of Virtus Private Finance said that advisor’s fears of another crash similar to that of 2008 were almost certainly exaggerated.
This is excellent news and will most likely ensure that there continues to be a lot of people taking the CeMAP mortgage advisor course to enter this profession.