Spring is well underway, although the weather might suggest otherwise, which means we're making headway into the second quarter of the year.
In this Spring update, Jonathan Fowler - Director at Fowler Smith Mortgages & Protection - looks back at quarter one of 2023, and voices plans moving forwards.
A Strong Start
Quarter one was successful. Considering the market volatility Q3 and Q4 of 2022, 2023 seemed to be a complete unknown. With rates rising from the Bank of England, and swap rates appearing to remain volatile, it felt very unbalanced when predicting how 2023 would perform.
Surprisingly, after the festive break, January started well. Remortgages were the hot topic with many looking to secure rates ahead of any future increases. Purchases for residential homebuyers was slower in the first few weeks, but eventually picked up. It appeared that there was less available property on the market - which was expected.
Buy to let in the first part of Q1 remained popular - more so with overseas investors and expats, who perhaps took advantage of their currency performing strongly against the pound.
At Fowler Smith Mortgages & Protection, our performance analysis of Q1 2022 to Q1 2023 demonstrated that we had more than doubled written figures from the previous year - an overall increase of 105.01%.
Throughout Q1, residential purchases appeared to increase and homebuying remained fairly steady. More UK nationals delved back in to the buy to let market, with us seeing trends of investors purchasing in the midlands and north of England.
Q2 of 2023 has started well, with Fowler Smith seeing further expansion with the appointment of Tara John - an experienced and versatile Associate Mortgage & Protection Broker.
Tara looks forward to assisting all clients with their needs, and giving her advice to all that seek it.
We predict that the buy to let market should continue to be strong so long as rates remain reasonable, as many are seeming to want to invest for their futures after some turbulent times. Likewise, if fixed rates soften then more home-moves may take place, freeing up the market for some first time buyers as well.
Fowler Smith look to continue to expand where necessary to facilitate advising clients in the best possible way, and we are excited for what the rest of the year may bring.
Thanks for reading -
Jonathan Fowler, Director