Spring Into Action

Preparing for Increased Property Sales in Spring

Insightful data shows mortgage purchasing numbers have been the stand-out talking point in Q1 of the last four years.

From 2021 to 2024, mortgage approvals saw a monthly average of 67,000+ in Q1, according to the Bank of England.

Because of these numbers, spring is prime time for property sales, with February teeing up a flourishing mortgage purchasing window throughout Q2. Spring is a busy time for mortgage advisers!

In an exclusive report from EY ITEM Club, housing activity is set to surge among rising consumer confidence and falling interest rates.

The leading UK economic forecasting group predicts UK mortgage lending growth to double from 1.5% net in 2024 to 3.1% net in 2025.

Following 2025’s rise in growth, modestly increasing house prices and persisting high mortgage rates indicates a softer forecast of 3.2% in 2026 and 3.6% in 2027.

Private Renting on the Rise

There’s an accompanying factor that emphasises the expert prediction of increased house sales throughout the year. In the 12 months leading up to January 2025, average private rental prices increased by 8.7%, ONS have revealed.

Decreasing stock in the rental market due to legislative changes and ongoing financial obstacles has seen landlords seeking alternative measures, like selling their properties or looking at the short-term letting market instead. With a continuous growing population of tenants seeking property, against the grain of a turbulent landlord market, people may seek to take advantage of the time sensitive opportunity to purchase homes.

The Knock-On Effect: What This Means for Advisers

Strike whilst the iron is hot! With mortgage approvals looking to be busy once again in Q1 and Q2 this year, an ideal chance has presented itself to mortgage advisers across the country.

Soon-to-be homeowners will need expert guidance when purchasing property, turning to professionals such as yourself for support.

First-time buyers, especially, will be turning to experienced figures such as yourself to finalise their mortgage purchases and offer them quality cover where needed.

With the potential of more clients comes the increased volume of conversations taking place. From here, integrating products such as Home Insurance into your process offers your clients an expansive experience, protecting their biggest investment – their home.

Implementing GI into Your Conversations

Whatever your niche is, there’s always room to include ancillary products into your offering.

Whether you’re a mortgage adviser that can implement Home Insurance as a bolt-on to your usual mortgage process, or whether you want to expand into new areas of protection, Source can help you to offer a holistic service.

Utilising systems like The Source and Source Go can improve your business numbers, proving to boost quote conversions by up to 45%, taking advantage of key features and exclusive data.

Want to learn more about what we can offer you, or just want to have a conversation about how we can help you with GI? Visit our website today at www.thesource.co.uk or give us a call on 02920 265 265.