2024: A Year in Review - Reflecting on the Property and Mortgage Industry
As the year draws to a close, I’ve taken a moment to reflect on what has been an extraordinary 2024 for both Sturgess Mortgage Solutions and the wider property and mortgage industry. It’s been a year of challenges, resilience, and transformation, and I’m immensely proud of the role we’ve played in helping our clients navigate these uncertain times.
A Shifting Property Market
The property market this year has been anything but predictable. The lingering impact of inflation, fluctuating interest rates, and evolving government policies have made the housing market a rollercoaster ride for buyers, sellers, and lenders alike. House prices saw fluctuations across the South Wales region, with some areas experiencing moderate growth and others facing adjustments due to affordability concerns.
First-time buyers have faced a challenging year, with affordability continuing to dominate the conversation. However, the resilience and determination of many to step onto the property ladder have been truly inspiring. At Sturgess, we’ve worked tirelessly to support first-time buyers, from helping couples like Jacob and Abby secure their Mortgage in Principle to guiding others through their Help to Buy ISAs and deposit arrangements.
Mortgage Trends in 2024
The mortgage industry has also seen significant changes this year. Interest rates continued to rise during the first half of the year, prompting many clients to reassess their financial strategies. Fixed-rate mortgages remained a popular choice, especially two-year fixed terms, offering clients some stability amid the uncertainty.
For those on variable or tracker rates, we’ve seen a growing interest in remortgaging to fixed-rate products. The desire for financial security has driven a lot of activity, and we’ve been honored to assist clients like Chloe, who transitioned to a tracker rate, ensuring they understood their options fully.
Interestingly, we’ve also observed an increase in longer-term mortgage terms, such as 35- and 40-year products. These options have helped buyers manage monthly payments and make homeownership more accessible despite rising costs.
Celebrating Successes
While 2024 brought its challenges, it also marked incredible milestones for Sturgess Mortgage Solutions. Earlier this year, we were honored to win the Mortgage Broker of the Year and Client Advisory Awards at the South Wales Welsh Enterprise Awards. These accolades reflect not just the expertise of our team but also our commitment to putting our clients at the heart of everything we do.
We also saw our office move to a fantastic new location on the High Street in Gorseinon. This move has not only enhanced our visibility in the community but also allowed us to create a welcoming space where clients can feel comfortable discussing their financial journeys.
Looking to the Future
As we head into 2025, we are filled with optimism. The challenges of 2024 have taught us the value of adaptability, and we remain committed to guiding our clients through the ever-changing landscape of the property and mortgage industry.
For us, the year ahead will be about building even stronger relationships with our clients and community. We are actively looking to create and develop new partnerships with local businesses and employers to extend the reach of our services and offer even more value to individuals and families in the region. Additionally, we are exploring ways to get more involved with the local community, ensuring Sturgess Mortgage Solutions continues to be a trusted name close to home.
A Personal Thank You
To our clients, partners, and community, thank you for making 2024 such a memorable year. Your trust in Sturgess Mortgage Solutions is what drives us to excel, and we are excited to continue supporting you in achieving your property dreams.
Here’s to a prosperous and exciting 2025 for all!
Warm regards,
Shaun Sturgess
Managing Director
Sturgess Mortgage Solutions
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