The Intermediary – June 2025 - Flipbook - Page 87
economic outlook and mortgage rates
beginning to slowly decline.
“This has helped to unlock
previously hesitant buyers and get
chains moving again.
“The combination of increased
stock and improved affordability has
created a more active and balanced
marketplace.”
Pete Dupree, managing director
and adviser at brokerage Dupree &
Co., echoes this sentiment, describing
the appetite for residential mortgages
as “strong,” and highlighting that
many clients emerging from 5-year
fixed-rate deals secured during the
pandemic are “relieved” that today’s
rates are rising less steeply than might
have been expected.
Despite initial concerns that
Stamp Duty changes earlier in the
year might curb enthusiasm, he
notes that “the level of enquiries has
remained strong.”
Area affordability
It is clear that Gloucester’s appeal lies
not just in its affordability relative to
the South East, but also in its blend of
old and new.
As Dupree notes, the area boasts
“everything you could want” from
modern dockside apartments,
burgeoning new communities and
more established housing stock.
In addition, its pace of sale is
another standout feature.
“Of the 50 largest cities in the
country, property in Gloucester sells
faster than 45 of them,” Dupree adds,
with homes selling in an average of 52
days compared to the UK average of 68.
According to Kirsty Dudek,
mortgage and protection adviser at
Resilient demand
PETE DUPREE
managing director and adviser at Dupree & Co.
loucester is a well-connected city, which has everything you
could want, from modern dock-side apartments, burgeoning
new communities to more established housing stock – with a
mix of great schools, including grammar school options
Appetite for residential mortgages has been strong! Record numbers
of people are coming off their Covid-19 low 5-year fixes at the moment,
so we are remortgaging many clients. ey are usually quite relieved
that yes, their rates are going up, but not by as much as they had feared.
We had thought the Stamp Duty changes earlier this year would
diminish demand aer a record-breaking February, but the level of
enquiries has remained strong.
With increasingly complex and varied client situations, the idea of
‘main lenders’ is becoming less and less relevant – which makes using a
broker even more essential than ever! Obviously the ‘old faithfuls’
remain popular – not a day goes by that we aren’t submitting
applications to Halifax, Nationwide and the like – but the value of the
smaller, potentially more flexible lenders, with their individual
approaches to underwriting, nuanced criteria and innovative schemes,
means Bank of Ireland, Skipton, Accord, Kensington are all popular with
our team at the moment.
We have noticed some landlords exiting from the market as has been
the case in most areas and has been reported nationally. While
government policy around Stamp Duty and increased mortgage rates
has potentially put off some small landlords, our limited company
landlord clients have remained steadfast – and demand for rental
properties remains, as do the underlying demands on the rental market.
G
Lavender Mortgages (Just Mortgages),
the region’s employment base acts
as another stabilising factor for the
burgeoning property market.
She notes: “We are fortunate to be
in an area which has a significant
amount of manufacturing and
Government jobs locally, which helps
to keep the market moving.”
At the same time, affordability
challenges do still persist, especially
for first-time buyers. However, recent
market developments are offering a
lifeline for some. →
June 2025 | The Intermediary
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