According to the company, this shift could provide a lifeline to intermediaries in the recession as tapping into the new purchase market now offers the opportunity build a strong business pipeline at low cost.
In the last five months paaleads.com has seen the number of requests for house purchase advice increase from 48% to 62% of all mortgage enquiries. This abundance of new purchase leads, coupled with that fact that providers are being slow to return to market and offer a range of products for these new buyers, means that purchase leads are currently very good value, according to paaleads.com. Intermediaries now have a unique opportunity to build a relationship with these potential customers, at a low cost, which could reap dividends as and when more products become available.
Hannah-Mercedes Skenfield, spokesperson for paaleads.com explained: “Brokers may be struggling to place purchase leads at the moment but there is a silver lining to this situation. If a broker can not place a purchase lead today that they can be pretty confident that no-one else can either. In this way all new buyers are having to sit tight. But, by building a relationship with potential buyers now then brokers are in the best possible position to place the lead as soon as the market picks up. Purchase leads are currently in high supply and very reasonably priced. They offer intermediaries better long term value than re-mortgage leads as building a relationship with these customers now is effectively safeguarding your business pipeline."
New purchase mortgage requests outweighing re-mortgage requests is a promising sign that first time buyers and buyers who have been renting whilst they wait for a bargain, are starting to come back to the market.
