Property professionals are relieved to see the housing market stabilising again, with mortgage approval rates hitting a five-month high and continuing to rise throughout March this year. Rates rose to 52,000 in March, from 44,100 in February,according to Bank of England data, so we sat down with Conor Murphy, CEO and Founder, Smartr365 to discuss the current outlook for mortgage approvals.
How can we keep up the momentum on mortgage approvals?
“Demand is crucial so I am pleased to see it has returned to a high level, with the stable mortgage pricing also aiding approval levels. Without any major shocks, approvals should continue to climb. Internally,firms should look at how they can improve the quality and efficiency of case packaging and processing, by utilising mortgage technology tools like Smartr365 to streamline the homebuying journey.”
What are your expectations for mortgage approvals over the course of the year?
“Activity in the property sector has rapidly increased since the start of the year, and this boost should filter through to mortgage volumes in the coming weeks and months. I am confident that mortgage approvals will remain consistent with last year, with the final figure sitting within 5% of the 2022 total.”
As activity continues to rise,it is vital that firms and brokers are prepared to meet the demands of the property sector. Mortgage technology tools such as Smartr365’s HomeBuyer app can boost productivity within your business by helping brokers to find newclients more quickly, and offering a speedier, more personalised mortgage process for customers. The timesaving benefits that mortgage technology presents lets you save time on admin,and stay focussed on what really matters – providing quality advice to your clients.
Want to learn more? Book your free Smartr365 demo today.