Once again it’s been a somewhat tumultuous week for the industry.
Last Thursday, Theresa May failed to win the support of the High Court in her bid to trigger Article 50 next March, prompting both some concern in the industry and a prediction by estate agents Haart of a further slowdown in housing transactions.
Be you in the Brexiter or Remainer camp, this continued uncertainty can’t be good for the market. Many will be hoping for a definitive decision one way or the other once the matter is appealed at the Supreme Court in December.
Meanwhile, the Bank of England’s decision to hold interest rates at 0.25 per cent should come as a relief to many in the industry, along with Mark Carney’s commitment to weather the storm and stick around until June 2019. Feedback from many brokers I’ve spoken to has been largely supportive of Carney and the market needs a constant presence in the role at a time of such volatility, so these decisions should offer at least some degree of certainty.
While there may be plenty of unrest in government, it’s good to see members of the broker community supporting each other in various ways, including in entrepreneurial and charitable endeavours.
Take, for example, the novel plans of Martin Stewart of London Money: to launch a not-for-profit mortgage club, as first revealed in Mortgage Strategy’s cover feature last week. Social media users have rallied in support of the idea and admired Stewart’s ambition.
He will have a tough task ahead of him to compete with the large mortgage clubs already enjoying success – but nothing ventured, nothing gained.
Speaking of ventures, advisers are also displaying their social conscience week after week by taking part in various events in the name of charity, from tackling full marathons to giving up alcohol for a month.
Everyone who has committed to complete such a task has reported that industry support has been outstanding.
Now that we’re into ‘Mo-vember’, I expect to see moustaches of many shapes and sizes displayed at industry events. Surely an excuse to ditch the razor for a few weeks will be welcomed – all in the name of charity,
of course. Nothing ventured…