As we approach our tenth year in business, reflection on the show of excrement (flip it and reverse it) of 2023 is unavoidable. This past year stands out as particularly challenging for several reasons.
To begin with, the purchase market witnessed a significant contraction. While we did manage to close some deals, the numbers were a far cry from what we’re accustomed to.
Market volatility also presented a strenuous challenge, especially with the frenetic pace of lender repricing in the earlier part of the year.
The volatility called for a dynamic and collaborative solution, reminiscent of the A-Team, which ultimately led to the inception of the 24-hour pledge.
However, the most daunting task has been the delivery of bad news regarding substantial rate increases to our clients.
The empathy we feel for families striving to balance their budgets is a sentiment echoed by many of my peers in the brokerage community.
These client concerns don’t just stay at the office; they often follow us home, leading to many restless nights as we strive to secure favourable rates for our clients.
On a brighter note, 2023 has also been a year where the solidarity among brokers has been particularly inspiring.
The collective support for the 24-hour pledge has been extraordinary, and it’s an ethos we plan to carry forward into 2024 with the Broker Collective.
Our role as the unified voice of our clients allows us to both applaud the commendable and hold accountable those who fall short.
This year has also given me some screen time and I now understand and appreciate the benefits of foundation and concealer.
Looking ahead, the prospects for 2024 are promising. Anticipated base rate reductions and a rejuvenated, competitive landscape for borrowers are on the horizon.
Lenders are poised for a strong start in January, which should herald a revitalisation in the housing market.
Myself and many of my colleagues are taking this opportunity to expand the range of services we offer.
Our venture, R3 Wealth, will extend beyond property finance to encompass comprehensive financial planning, a development I eagerly anticipate.
For now, as we conclude a year of steadfast effort, it’s time to unwind and recharge. Don’t even think about your charging structure for product transfer.
The new year promises a fresh start, and I have a hunch that 2024 will not only compensate for the hardships of 2023 but surpass all our expectations.
Season’s Greetings.
Riz Malik is founder and director of R3 Mortgages
