Page 64 - Future Demands Jan 2021

For the first time in living memory, that balance – so important to the UK economy, let alone to all those who home-owners and would-be First Time Buyers – was in real peril.
But, while our collective balance swayed and stalled, hardship shows character, and we stood firm and united. Meanwhile, we also discovered something quite unexpected – we realised how nimble our industry could be.
If 2020 shows us anything, it is that life goes by too quickly, and I think
For example, communication gaps appeared, which resulted in duplication of effort and lower efficiency levels, and the delays caused by the pent-up demand in house buying, buoyed by the SDLT holiday, could not have been foreseen.
However, every time the pandemic threw another spanner in the works, solutions were found.
And, what’s becoming clear is the adaptations made by both intermediaries and lenders were not just survival instincts, but
pace. This has become the expectation. After all, genies don’t take kindly to being put back in bottles. So, now is the chance to make the future what we want it to be.
Looking forward, the immediate future will see all eyes focused on the 31st March – as much in Westminster and the media, as our industry – before we continually address the ongoing wider consequences of our post-pandemic society. And, just like March last year, we will be faced with new big questions.
How do we support those worst impacted by COVID-19? How can specialist lenders better develop new products for the growing number of under-served borrowers? How can we collectively work together, to improve the entire home buying experience for all?
That we don’t yet know some of these big answers is not important right now. We have shown we can find them, and with vaccinations in full flow, a bumper April procuration fee statement, and a never more interconnected industry, we must ensure that we keep talking.
The next twelve months can be incredible for our industry and there are opportunities galore coming. They just need seizing.
To do this we need to educate, share and listen more effectively than ever before, and remember that this past year, despite the pain and the challenges, has shown our balance at its best.
“LOOKING BACK FOR A MOMENT, I THINK IT’S EASY TO FORGET HOW ROSY A PICTURE WE WERE LOOKING AT IN MARCH 2020”
FUTURE DEMANDS
it’s essential to take a moment and recognise the Herculean work from so many people across our industry.
Our industry was asked questions never asked before, from (wrongly named) payment holidays to furloughed staff and valuation lockdowns. And, collectively, we answered them, solving problems in real time, and retraining staff to deliver the solution – often while they had to homeschool their kids. That is a phenomenal effort.
Of course, it’s not been without a learning curve.
improvements to service delivery.
For example, the way lenders adapted their virtual learning provisions now means intermediaries have access to so much more training and development. This not only keeps them up to date with the fast moving developments, but in the long term means we as a nation will have a more informed set of mortgage experts helping people when they buy their homes.
What this means, of course, is that now that customers – internal and external to our industry – know positive change can be achieved at
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