06 MORTGAGE NEWSLETTER Offers resulting in completion remained stable at 76%, while the conversion ratio of full application to completion was recorded at 68%, continuing its gradual upward trend. Some of the strongest increases in activity were recorded by advice firms with one or two advisers. This category of firms beat the industry average for DIP accepts, resulting in a full application achieving 78% following a seven percentage point rise quarter-on-quarter, compared to 74% across the board. Strong results by one- and two-person brokerages were also recorded for full applications, resulting in an offer with a conversion rate of 90%, an 8% rise on the previous quarter. Brokers and the market seem busy with many opportunities available and this includes the, perhaps, bruised and battered, but certainly not down, BTL market. The two areas focusing the mind in BTL, that is the Renters Reform Bill and EPC ratings have again been in the news. In terms of the latter, the National Residential Landlords Association (NRLA) referred to a recent consultation put out by the government that said that, where possible, every private rented home should have an Energy Performance Certificate (EPC) rating of at least C. It has been suggested that this will be confirmed late next year, with a deadline of 2028 for new tenancies and 2030 for existing tenancies. The NRLA said this would leave landlords just two years to make the two-and-ahalf million private rented homes that do not currently meet this standard more sustainable. The trade association said it supported the objectives, but the “timelines proposed are simply unrealistic”. It said this was primarily because of a “chronic shortage” of available tradespeople. Interestingly, for the first time it is claimed Landlords can force tenants to pay for insulation demanded by Ed Miliband the Energy Secretary. In a recent House of Commons exchange between the Government and Opposition, Unfortunately, the local sewage works has been over capacity for years, and there is no sign of it being upgraded soon so a choice is looming over what to do if the planned new homes are built. Leave them standing empty, waiting for upgrades to the wastewater treatment system before they are connected? Or connect them anyway and let people move in - contributing towards Buckinghamshire Council's target for new homes, but increasing the sewage pollution of the nearby river, the Great Ouse? It was great to read that mortgage brokers enjoyed a successful start to the year in terms of business levels according to the Intermediary Mortgage Lenders Association’s (IMLA’s) latest market report. It showed a recovery in average business levels from 80 cases per year in Q4 2024 to 95 cases per year, the long-term trend, during the first three months of the year.
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