In terms of market activity there seems to be a rosier outlook. Research by the Royal Institution of Chartered Surveyors shows that buyer interest increased for the fourth consecutive month in February – 20% more chartered surveyors reported a rise in new buyer enquiries.
And from our perspective this rings true, as we have noticed an increase in purchase activity. For example, in January and February our average number of daily purchase instructions was the highest it has been since last May.
So what does this mean for advisers? Well, an increase in purchase activity obviously represents an opportunity to acquire new clients.
During the boom it is fair to say that some advisers became lazy in hunting purchase clients, with too many relying on remortgages.
Now, firms should be doing all they can to secure new customers. This means it’s time to develop relationships that will bring in these clients.
For example, how about developing a partnership with an estate agent who no longer has an inhouse mortgage adviser?
This is a good time to forge such deals on your own terms and ensure you can provide services to the next generation of clients.