One of the main take-outs being that the average Brit now stays in their property for 19 years before moving, and regularly updates their home in this time. It also included the UK’s top 10 list of worst DIY home improvements which also helped generate interest across a different set of media and social media outlets.
So, what can intermediaries gleam from such data which may, on the surface at least, not directly affect their business?
For market specialists the devil is usually in the detail. Included within the data were some regional breakdowns. For example, it showed that those in Wales are the least likely to move property regularly, with the average homeowner staying put for nearly 23 years. However, those in Scotland are the quickest movers, upping sticks after an average of almost 15 years.
It also found that social media is influencing more people, especially when it comes to updating their property and particularly in the younger age groups. Four in ten (43 per cent) 23-34-year olds surveyed stated that they had been inspired to improve their home from what they have seen on social media. While 15 per cent admitted to improving a room specifically to post on their social channels.
But what does this really mean for you?
No matter what the motivation, the report emphasised just how many committed homeowners are doing up their homes. In fact, a huge 79 per cent of homeowners have made home improvements over the past two years, and 73 per cent want to make improvements in the next 12 months.
With so many homeowners looking to take on home improvement projects, the question is - how are they going to raise the necessary funds to do so? This further highlights the ongoing need for good, professional holistic advice when it comes to any potential remortgage or second charge needs. And how these markets will continue to provide opportunities for the foreseeable future within the intermediary marketplace.
Being aware of regional demographics and behavioural changes can also help establish a stronger profile of your existing clients as well as potential new ones. As the influence of social media grows, think about how useful it could also prove when attracting, educating and updating a variety of people on their mortgage needs and financial well-being – FCA financial promotions regulations permitting of course.
Reading beyond the headlines and digging a little deeper to extract the right information is something which mortgage intermediaries are well-versed at. Whilst you certainly won’t have time to read all types of research papers, reports or index’s in depth, they can prove useful in better understanding your client’s requirements, and help you reach out to those who need your advice the most.
This article has been written by Craig Calder, Director of Intermediaries at Barclays
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