Though spring is often the busiest selling period of the year, could the Bank of England announcing a twelfth consecutive base rate rise on 11th May be a sign of a more subdued season? This week we sit down with Conor Murphy, CEO and Founder of Smartr365, to assess his confidence for the coming months.
1) With Spring often being a busy period for the housing market, what level of activity are you expecting this year?
Conor: “I am confident in a strong market performance. While activity may not quite reach the exceptional heights of last year, it remains buoyant and has improved significantly since the end of Q4 and start of Q1. The ‘mini budget’ may have caused a setback, but the housing market is quickly getting back on track.”
2) Do you believe a rise in activity may help provide stability for the housing market going forward?
Conor: “There is no doubt that a rise in activity would strengthen the market. Fear of a recession is fading, inflation is slowing (both in the UK and globally), and there is real optimism that the market can return to business as usual this year. I expect activity to be strong throughout the year.”
3)What could the government introduce to help support the market this year?
Conor: “An extension to or replacement for the Help to Buy scheme are certainly valid suggestions. Addressing affordability concerns held by some prospective buyers would facilitate a higher level of transactions, improving overall market health.”
With confidence remaining high, advisers must be prepared to support the demand. If you’re keen to learn how mortgage technology can act as an additional team member, alleviating you of those time-sapping admin tasks, it’s time to book your free Smartr365 demo today.