Paul Broadhead - Head of Mortgage Policy, Building Societies Association
Modern Methods of Construction and Beyond
There are certainly opportunities in improving the mortgage process and funding methods and BSA is approaching it from a different angle. It’s no secret that house prices are up and Millenials are not expected to be a generation of homeowners. Paul shocked the audience when he said that the UK is ranked 25th in Europe on the list of owner-occupiers. For 25- to 34-year-olds earning between £22,200 and £30,600 per year, home ownership fell to just 27% in 2016 from 65% two decades ago.
Well designed, high quality and affordable homes utilising offsite construction methods can be the way to meet the ever increasing UK housing demand and soothe the housing crisis.
Martijn van der Heijden - Chief Strategy Officer, Habito
How technology is transforming the customer experience?
Regarding how people are considering the way they are using and leveraging technology to make their daily life easier, and considering the technologies available in the mortgage industry - robot advice, software services for brokers to use tech to find resources and make communication with the customer easier - there is certainly a place for innovation.
If all the players in the mortgage industry are embracing technology and are working together, the customer experience can be drastically improved.
From his perspective, technology will add value across the value chain by improving quality, giving customers access to new products and offer better pricing. Creating a shareable database would be a significant step forward for the whole industry, rather than sending documents separately.
Pictures by Judit Toth