Christmas message and overview of 2023

We can’t pretend that life has been plain-sailing this year.

As everyone is more than aware the financial markets, in particular the borrowing sector were badly hit after the disastrous Truss/Kwarteng mini budget at the end of 2022.

There have been a further four Bank of England interest rate rises, seeing standard variable rate and tracker mortgages rates soar.

However, we are delighted to report that there are now a number of fixed term products sub 5%, fixed for up to 5 years, this is positive news indeed!

The predicted crash in the housing market has also not come to pass, although house prices have fallen. The average house price fell by 2% in the year to October 2023, according to the latest data from Nationwide, despite a stabilization of prices in the areas we cover, the market is still active and in many sectors there is still a shortage of suitable properties on the market.

Many investors have decided to leave the Buy to Let market, despite rising rent increases. Again, some of the investors’ concerns have been eased by the delay in some of the EPC requirements on rentals being postponed.

Regardless of these challenging times, we are continuing to be able to support our clients and even opened a new branch in Weston super Mare last Spring.

We appreciate that it is still challenging for First-time Buyers to get on the property ladder, but there are lots of innovative products and options out there, many only available through intermediaries like ourselves. Many higher LTV mortgages are available at competitive rates, The BTL Market is also looking a lot more attractive for borrowers than it was 6 months ago.

Regardless of your needs, we are here to help and discuss all the options available to you.

We would like to Wish you and your friends and families, a very Merry Christmas and a Happy and Healthy New Year.

Best Wishes from

Phil Clark, Russell Green, Chris Seward and all the team.