Expert & facilitator: Phil Rance, Consultant, Positive Momentum
Headlines:
- The impact of climate change and energy efficiency regulations
- Affordability issues for first-time buyers and the role of inheritance and family support
- The importance of holistic financial advice, and the need for better training and career paths in the industry
- The complexities and potential solutions to these challenges.
Discussion points:
Climate change and energy efficiency
The discussion focused on the potential impact of climate change initiatives and energy efficiency regulations on the property market. Participants highlighted the lack of a clear framework for retrofitting existing properties, the high costs involved, and the need for incentives and public awareness campaigns. The role of lenders in promoting green mortgages and the challenges faced by advisors in providing relevant advice were also discussed.
Affordability and first-time buyers
The conversation explored the difficulties faced by first-time buyers in affording properties, particularly the challenge of saving for substantial deposits. The role of inheritance and family support in enabling property ownership was discussed, as well as the need for better financial education from an early age. Participants also debated the changing attitudes and priorities of younger generations regarding homeownership.
Holistic financial advice and training
The importance of providing holistic financial advice, rather than focusing solely on product sales, was emphasized. Participants discussed the need for comprehensive training programs and career paths within the industry, lamenting the decline of structured training programs previously offered by banks. The challenges of selling protection products and the importance of educating clients on the potential consequences of not having adequate coverage were also highlighted.
Key takeaways:
- Explore ways to incentivize and promote energy-efficient retrofitting of existing properties, potentially through government initiatives or public awareness campaigns
- Advocate for better financial education programs, starting from a young age, to prepare individuals for homeownership and long-term financial planning
- Develop comprehensive training programs and structured career paths within the mortgage industry to ensure advisors are equipped with the necessary skills and knowledge to provide holistic financial advice
- Encourage lenders and advisors to have open and honest conversations with clients about the importance of protection products and the potential consequences of not having adequate coverage
