The event, held recently at the Marriott Hotel in Waltham Abbey, also allowed Stonebridge to demonstrate its commitment to helping ARs maximise their business potential and included sales sessions from leading lenders and insurers. There was a demonstration of enhancements to the Revolution point-of-sale system and the day concluded with an awards presentation to the group’s top performing AR firms and advisers.
The meeting also featured a guest presentation on the Mortgage Market Review (MMR) and lender relationships from Stephen Smith, director of housing at Legal & General. Much of Smith’s presentation concentrated on how the MMR will affect advisers at ground level, along with the importance of disclosure and how brokers will play an even more important role than before.
Roger Thompson, Director of Roger Thompson Mortgage Solutions, said:
“I came away feeling up for the challenge and looking forward to what 2013 will bring. That’s the best thing about Stonebridge - I feel included, the support is excellent and the air of positivity is great. Income protection was the feature that I came wanting answers to and LV= and Friends Life in particular had some great ideas.”
Richard Adams, Managing Director of Stonebridge Group, commented:
“Holding such events is important not just to keep all our Appointed Representatives informed of developments at Stonebridge but also on the wider market such as the MMR. We see our ARs as Business Partners and their feedback can help shape some of our future decisions. It also presents a valuable networking opportunity and a chance for them to share ideas and innovations with their peers. No matter how successful firms are, there is always the potential to improve operations and efficiencies in different areas of one’s business.
After a successful 2012, we have every confidence that we will be able to continue this progress into 2013. We could well see mortgage criteria and LTVs thaw slightly this year and if that does happen, then our members will be in a strong position to take advantage of any subsequent uptick in business levels. The network area remains a tough sector for some of our competitors, but our strategy not only protects us from the vagaries that affect our rivals, but also allow us to capitalise on their weaknesses.”
While rents remain under pressure, activity metrics provide a more positive view of the market. Rental applicant numbers were up 23.2% year-on-year in the three months to January, although, as has been the case in recent months, the demand was strongest in the sub-£1,000 per week bracket. New instructions were 21.1% higher over the same period.
Across prime central London rents were either flat or declining in all areas with the exception Kensington. Rents in this area increased by 0.9%, the first time in ten months that rents increased. At the other end of the scale, average rents in St John’s Wood declined 1.2%, compounding the 9.7% decline seen in 2012.
Despite this, our view, informed by a positive outlook for employment and business sentiment, is that rents in prime central London will increase by 1% this year, before posting growth of 3%, 5%, 3.9% and 3.9% in the years to 2017.
