Is Doomsday coming? Maybe not, but I’m sure there will be some significant challenges for some in 2019.
Paul Hunt is a marketing consultant
Let’s just be honest, I’m a bit of a geek. This week, I think I’ve reached a new level, as in between meetings, I went to the excellent Anglo-Saxon Kingdoms exhibition at the British Library.
Rightly it has been billed as a once in a lifetime collection of artefacts, which includes the actual Doomsday Book. Obviously you should go and visit, but on a serious note, will 2019 be for our industry what 1066 was for the Saxons?
IMLA’s latest Mortgage Market tracker revealed that brokers have seen the biggest fall in volumes in the last two years with the average number of cases per year down 10%. It’s no surprise that the number of purchasers are down and although remortgage activity continues to grow, will this be enough?
Since 2007, we have been waiting to see what the new normal was in terms of overall transactions and let’s face it, now isn’t that. However, most businesses of any scale depend on volume and with statistics like those quoted above, will some firms (brokers, networks and clubs, lenders, suppliers i.e. conveyancers, valuers, tech firms etc.) have to consider merging, changing their operating models to survive or will some simply shut up shop?
I hope not, but now more than any other time, making sure you are doing the basics well is vital and in this blog, I have previously covered many tips that could make a difference. Remember, in such a market, opportunities to take advantage whilst others are distracted will appear and smaller businesses may have an edge, as they can be swift in changing direction and quick to implement change.
Is Doomsday coming? Maybe not, but I’m sure there will be some significant challenges for some in 2019. But for others now is the time to strike.
Are you William of Normandy landing at Pevensey Bay or King Harold II marching down from Stamford Bridge near York (after defeating a Viking army and killing his brother)? It’s for you to decide.