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UK Mortgage Broker & Property Market: Key Drivers Explained

英国贷款经纪人, Real estate market recovery 2024; Positive growth in mortgage brokerage; UK mortgage industry history; Customer satisfaction in mortgage industry; Mortgage brokers market share growth

Introduction

The UK’s property market resurgence is boosting the UK mortgage broker industry’s rapid growth, driven by evolving markets, rising customer expectations, and digital transformation.

UK Mortgage Broker Historical Context and Market Growth

Opting for a mortgage advisor provides access to more lenders and products. The UK mortgage industry began with building societies, like Birmingham Building Society (now Birmingham Midshires) in the 18th century. By the late 20th century, high street banks held 30% of the market. Post-2008 financial crisis, building societies reclaimed 80% of the market share. Today, with around 200 lenders and thousands of mortgage products, the UK market offers extensive choices to customers

Digital Transformation in UK Mortgage Application

Digital transformation is reshaping banking. With 72% of customers researching mortgages online, high street banks must process applications more efficiently to stay competitive.

Increased Customer Expectations

As financial knowledge spreads, customers use various financial services to meet their goals, boosting market competition and improving products. UK Mortgage Broker satisfaction scores are lower due to lengthy processes, with 70% of lender choice based on customer experience and loyalty tied to service quality.

The Growing Role of UK Mortgage Brokers

Mortgage brokers are gaining importance, working closely with lenders to expand the global mortgage market. According to McKinsey, brokers handle 75% of UK housing mortgages, 70% in Australia, and 60% in the Netherlands.

Summary

The mortgage brokerage industry’s growth is fueled by cost-effectiveness, transparency, and customer-focused services. As the real estate market recovers and customer expectations rise, this industry’s global influence will expand, offering diverse and high-quality mortgage options. Mortgage brokerage will continue to drive market growth by bridging lenders and clients.

Source: McKinsey & Company

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