At the moment, the UK’s residential housing market can feel like a riddle for lots of brokers, wrapped in a uncertainty and with no clear way back to normal. But in all the confusion we can be certain over one thing – we will never return to the market we knew before.
At time of writing, the number of 90% LTV deals has shrunk to a tenth of the levels we had in March, and mortgage approvals have plunged by 90% from February to May, in a record low. But despite this, we’re hearing stories that asking prices have risen 1.9% on pre-lockdown levels and constant commentary claiming the “market is up and running again”. So how is the market really coping?
The enforcement of remote work came with new challenges and obstacles to all businesses. However, for those using sophisticated end-to-end platforms like Smartr365, these concerns were merely blips.
Cloud-first systems allow users to ensure no business opportunity has been missed during the lockdown, since these systems give you the ability to securely access, transfer and sign documents at the touch of a button. In addition, Kanban style systems like those used on Smartr365 ensure that both clients, brokers and even lenders are able easily see an application’s status clearly, reducing the need for time on the phone that could be made harder whilst working remotely.
For advisers, I know there was a large concern that building and maintaining the client relationships which are so essential for success would become problematic through lockdown – however once again technology stepped up to the case, and video conferencing apps have meant that client interaction could continue seamlessly via the web.
Now we’ve experienced the convenience of using a cloud-first mortgage platform for the entire mortgage journey, why would we return to our old ways?
Ensure your business isn’t left behind by scheduling a demo and seeing how Smartr65 can help your business adapt to the new normal here.