Wading through the fog of political and economic chaos to the impact on RPs we can begin to see some reactions and implications, at least in the short term.
1.The regulator is warning of cash calls for those with complex financial instruments
2.RPs credit ratings are under threat and millions have been wiped of house builders shares
3. A slowdown in sales and mixed messages on interest rates/mortgages.
True, markets overreact but with continuing uncertainty and new arrangements whatever they may be with the EU the fallout of the referendum and new regulation may be a game changer for developing RPs.
Commentators have described the result (for some) similar to a divorce. So it’s not surprisingly many of us are working our way through, shock, anger, denial, grief and finally accepting that we will need to adapt to the new operating environment.
So, what does it mean for shared ownership and:
access to mortgages and interest rates
new models of delivery and management
Moving on, the world still goes round and we at The Shared Ownership Partnership (tsop) have always been of the opinion that the market would not always be so benign and advised RPs and LAs on risk management, efficiency and increasing sales income for when change came along.
We will be at the CIH conference on Wednesday and look forward to catching up with old colleagues and friends, and also meeting some new people along the way!
tsop offer shared ownership consultancy services including Governance and Strategy, Market Research, Sales Agency, Management and a Mortgage and Conveyancing Panel.