According to research by Masthaven, flexible lending criteria for customers are now a higher priority than they were before the pandemic began. This is shown by four out of five (79%) brokers.
Other factors that have become significantly more important are customer service (63%), speed (60%) and flexible product features (55%).
Conversely, 56% of brokers said low interest rates are no more important today than they were before Covid-19, and 54% said the same about low fees.
Rob Barnard, Broker Director at Masthaven, said, “The coronavirus has been affecting every aspect of our lives for almost a year and will likely stay with us for a while. No wonder, then, that borrowers have reevaluated what’s important to them when looking for mortgage providers and the homes they live in.
“The fact that many people have been forced to stay home for extended periods of time and convert their homes into offices, gyms or schools made it clear what they really want when it comes to real estate. This one-off event could have long-term implications for the UK real estate industry.
“The borrowers also knew what to expect from the lenders. With so many affected by the pandemic, customers are looking for lenders who can take a flexible approach and meet their needs.
“The stamp duty deadline has undoubtedly also increased the demand for faster transactions, while customer service, which has always been an integral part of any business, has taken on a new meaning and has become an essential requirement for lenders. It is important that lenders listen to their customers and adapt accordingly. «
Most (92%) brokers reported that their clients were negatively impacted financially by Covid-19 in the second half of 2020.
In fact, more than a quarter of brokers (26%) say they will expect more deals in 2021 with borrowers financially affected by COVID-19, whether or not that includes postponing mortgage payments or government provided employment promotion program.
Another 20% said they expect more business from borrowers with compromised credit ratings.
Most (57%) of brokers said homebuyers are now prioritizing larger homes to make room for home offices, and a third (33%) said their clients were prioritizing moving from a city to a quieter area.
Will Ireland’s Housing Market Crash in 2020?
Last week, KBC Bank House said prices in Ireland will fall by 20 percentage points this year and could fall further in 2021. In a presentation to investors, the bank said the reason Irish house prices were down 12 percentage points in 2020, followed by an 8 percentage point increase last year.
Is It Cheaper to Build or Buy a House in Ireland?
The cost of land in Ireland varies significantly depending on the region. … Land can be up to half the cost of building a home, although in many areas it is still possible to buy land and build a bigger and better home for less than the cost of reselling it. And the more land you buy, the cheaper it is.
Will the real estate market collapse?
House prices rose again in 2020, rising at the fastest annual rate in almost six years in November. … Experts assume that the tide will soon turn and predict a real estate price crash in 2021.
Is the Canadian real estate market about to crash?
Canada’s Real Estate Market and an Impending Crash According to a report by Royal Bank’s Robert Hogue, the Canadian real estate market could see a record year in 2021 and some slowdown next year. He estimates that sellers could continue to dominate the property markets due to the lower supply.
Will house prices fall in 2020 in Canada?
Canada will experience a historic recession in 2020 with significant declines in all real estate indicators. … After declines in 2020, housing starts, sales and prices are expected to recover by mid-2021 as the pandemic recedes.
Will Canada experience a recession in 2020?
Christian Lawrence, chief market strategist at Rabobank, believes the Canadian and US economies will slide into recession in the second half of 2020. He says the Canadian economy is likely to slow faster, while the US slump is likely to be short and flat.
Is 2020 a Good Year to Buy a Home?
Economists say 2020 will be a positive – if not an outstanding – year for the real estate market. And that could be good news for both renters and home buyers. … If the past year is an indication of this, predicting how the real estate market will perform after a year or more can be a breeze.
Will the real estate market in South Africa collapse?
The South African rental market is falling. Here’s what people are paying for right now. PayProp has released its latest rental index, which shows property rental price growth hit an all-time low for the second quarter in a row in the second quarter of 2020.
Is It A Good Time to Buy South Africa Property in 2020?
Seeff offers 6 reasons he thinks 2020 is a great year to buy real estate. Most of the areas are still crowded so there are still many excellent purchases in the market. It’s a buyer’s market, which means that potential buyers can bargain heavily. Sellers who have persevered may be more willing to sell.
Will 2020 be a buyers or sellers market?
COVID-19 Created a Sellers Market in 2020 When the coronavirus first hit the U.S. housing market in 2020, most experts agreed that it would create a buyers market. This was due to the fact that home sales plummeted. At the same time, many sellers have withdrawn offers from the market.
What will happen to the real estate market in 2020?
Westpac’s base scenario assumes a 15 percent decline in property prices in 2020 and a further 5 percent decline in 2021. ANZ’s base scenario predicts a 4.1 percent drop in 2020 and a 6.3 percent drop in 2021. … A. There may be a number of factors behind why property prices have not fallen significantly so far.
Will the real estate market collapse in 2020?
The US housing market is far from collapsing in 2021 or 2022. … Real estate activity is expected to remain strong in 2021, but growth is likely to slow from the hot pace set in the second half of 2020.
Is It Good To Buy A Home Before A Recession?
Experts agree that buying a home during a recession can add great value to a home that may not have been within reach in better economic times. But if you want to buy during a recession you need to: Have stable employment. Lots of savings.
Should I buy a house now or wait until 2021?
If you can’t find something you love, a home that is a profitable purchase, try to hold back until 2021. High prices due to low deliveries often mean that the properties available in the market are of poor quality. After the pandemic, supply will increase as more sellers enter the market.