When the property market reopened, "everything picked up very quickly"
When the COVID-19 pandemic lockdown and restrictions were first implemented, it affected almost all areas of the UK housing market. Limitations on people’s ability to go about their day-to-day business impeded standard estate agency, mortgage, and conveyancing processes.
Market activity also took a hit as people were advised not to move home during the coronavirus outbreak to adhere to social distancing rules.
The initial impact of the COVID-19 pandemic was felt by many, but more so by smaller businesses, or those that were just starting at that time, like Sam Ewen’s Rosehill Financial Services.
Ewen (pictured), within two years of becoming a mortgage broker, founded Rosehill and began trading fully in January 2020. Before that, he was working for a small independent brokerage, and had prior experience working in estate agency, finance, and sales.
“I’ve always been keen to start my own company, and, at the time, I wasn’t too sure what it would be,” he said. “I’ve always found economics interesting, have always been good with numbers, and mortgage broking ticked both boxes.”
He also recalled that when he had just started Rosehill, he had no back book of remortgage clients as the vast majority of the existing clients he had helped to date were not due a remortgage until late 2023 to 2024. He relied mostly on referrals.
“I’m hugely grateful to these clients for all of the referrals we received and still receive,” Ewen said. “I’m very fortunate to have contacts at a local estate agency, who are one of our introducers.”
Ewen felt that Rosehill was starting to get going. However, a couple of months on from fully trading, the COVID-19 pandemic hit.
“The country was on lockdown, and suddenly lenders started withdrawing mortgage products left, right and centre,” he related. “It was quite worrying, particularly where we had no clients due remortgages. Initially, until the property market reopened, it was quiet.”
Ewen, nevertheless, did not let this time of market lull pass by just sitting down and waiting for things to return to normal.
“I used this time to focus on creating more efficient systems and processes for clients, along with revamping our website with content that I hope will help educate prospective clients,” he shared. “I also created a YouTube channel during this period to help educate people on the subject of mortgages.
“We then had the property market reopen, and, paired with the stamp duty holiday, everything picked up very quickly.”
Ewen added that having great systems and processes in place had allowed him to hire a new member of staff, who has now been at Rosehill for just over a year. He is looking to add another towards the end of this year or next.
Today, the property market is being challenged once more with the cost-of-living crisis, the multiple consecutive increases in the base rate, and the mortgage rate changes that followed.
“It’s been an absolute rollercoaster of a journey so far,” Ewen remarked. “But that’s all part of the fun.”
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