What positives might we see in the final quarter of what has been a very challenging year for the sector?

This question was put to the panel at the Residential Mortgages; Affordability seminar at the Mortgage Business Expo 2024.

Pepper Money intermediary relationship director Rob Barnard said he hoped to see a stamp duty rebate in the October Budget for those downsizing, with the measure also providing greater options for families looking to size up but experiencing supply issues.

Nationwide director of intermediary relationships Ian Andrew insisted the sector needs clarity and direction and had not been helped by an interminable wait between the new government being elected and its first Budget.

“If we get through the Budget largely unscathed and see another interest rate cut before the end of the year; then there could be a lot of positivity going into 2025.”

Though not necessarily Budget related, The Mortgage Lender distribution director Sarah Palmer said she wanted to see more done to help first-time buyers. She pointed out that while there was little point in a return to Help to Buy, Shared Ownership had, so far at least, nowhere near the same level of publicity as Help to Buy.

“There is a real need for people to be educated about Shared Ownership – it has nowhere the same level of visibility as Help to Buy and potential borrowers are just not coming forward to ask about the option.”

As one broker delegate told the seminar, the general understanding of what shared ownership is was often worryingly off-kilter.  “I have had clients tell me they thought shared ownership was borrowing with a stranger.”

Bank of Ireland national account manager Louise Weiss agreed that while shared ownership was not ideal for every client it was a great option for some and there was a real educational issue getting the message out there.