The Intermediary – May 2025 - Flipbook - Page 86
L O C A L FO C U S
Leicester
As of 2022, the Leicester postcode
area was home to 1.1 million residents,
with an average age of 39.9 years and
a population density of 521 people per
square kilometre.
Since 2002, the population has
grown by 22.0%, and the average age
has increased by 1.9 years, indicating
a steady influx of both young
professionals and growing families.
Sokhi says: “We are seeing more
and more clients with low deposits
wanting to get onto the property
ladder, but feeling that it isn’t possible.
“This is where Shared Ownership
can help for those with low deposits
and low affordability.”
She also notes that for those with
higher income but limited savings,
“a lot of builders [are] offering
contributions towards their buyer’s
deposit to enable them to proceed.”
Sokhi adds: “It seems to be so much
more oen that the builder is needing
to contribute in comparison to
previous years.”
Hybrid working has also influenced
demographics in the area. With
Leicester within a relatively short
commuting distance to London by
train, brokers report an increase in the
number of professionals relocating to
the postcode.
Sokhi says: “The commuters that
work in London seem to be moving
further north with the new norm
being hybrid working.
“Leicester seems to be more
appealing for clients relocating to
get more for their money while still
only a short commute to their office
in London.”
Mistry echoes this, noting that his
“core client base has remained largely
consistent over the past year.”
The majority of his clients are of
South East Asian origin and come
from a wide range of employment
backgrounds, from working in
small local businesses to large
corporate firms.
He says: “While we do specialise
in helping company directors and
business owners secure mortgages, the
bulk of our clientele is still made up of
employed individuals.”
Townsend highlights similar
paerns from his experience: “We
mostly work with first-time buyers,
remortgages – especially those
Buyer confidence
ANIL MISTRY
director and mortgage and protection broker
at RNR Mortgage Solutions Ltd
roperty prices have stayed relatively steady over the first few
months of the year, and demand for mortgages has held firm,
although many buyers have clearly been sitting tight, waiting to
see what happens with the Bank of England base rate.
Now that the base rate has started to decline steadily, we’ve seen a
noticeable uptick in enquiries and more clients looking to move forward
aer having offers accepted. Traditionally, this time of year tends to be
busier anyway, but the recent movement in interest rates has clearly
given buyers more confidence, especially in terms of what their monthly
repayments might look like.
Interestingly, more clients are now opting for 2-year fixed products,
with the intention of reviewing their mortgage in a couple of years in the
hope that rates will continue to fall.
Overall, buyer sentiment has improved, and the appetite for
residential mortgages is building once again, helped along by a slightly
more stable economic outlook and future base rates cuts expected.
e market feels more balanced, with buyers being far more pricesensitive and taking their time.
Sellers need to be more realistic, and agents are having to work harder
to manage expectations. e days of properties selling within hours or
days of going live are, for the moment, behind us.
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The Intermediary | May 2025
looking to consolidate debt – and
home movers.”
He also points to an increase in
international borrowers and more
complex cases, in light of wider
affordability pressures.
He adds: “There’s been a real
increase in foreign nationals on visas,
and we’re seeing more recent adverse
credit cases too – which we handle a
lot of at Mortgage Bridge.”
Favoured lenders
High street lenders continue to
dominate Leicester’s mortgage
landscape, proving especially
popular among first-time buyers and
those with more straightforward
financial profiles.
In particular, Townsend notes
that “Halifax, Nationwide, Leeds
and NatWest are popular with firsttime buyers around here,” offering
accessible products and reliable service
that appeal to those taking their first
steps onto the property ladder.
These well-established names
remain top choices thanks to their
strong brand recognition and broad
product ranges.
A handful of more niche options
have also established themselves as
consistent favourites among both
brokers and borrowers – largely
due to their flexible criteria and
competitive offerings.
Townsend says: “We regularly work
with Barclays, Skipton, Principality,
and Noingham Building Society –
especially for foreign national clients.”
Mistry says that, while lender choice
is oen shaped by a client’s individual
financial position, there remain some
generally popular options.
He says: “Two of the most consistent
lenders we’ve worked with recently
have been Barclays and Nationwide,
especially where clients have a clean
credit profile.”
He highlights Nationwide’s Helping
Hand range in particular, saying it has
been “particularly useful for eligible
borrowers, allowing them to access
higher loan amounts based on income
multiples, which has made a real
difference in the current climate.”
Upcoming developments
The area is undergoing a notable surge
in new-build developments, aimed
at easing housing demand. One of
the most prominent developments
