What is a surprise is that a bit of inclement weather not only caused the traffic to grind to a halt, but also the smooth running of the mortgage market.
As the snowfall became heavier, so the volume of DIPs and applications became lighter, as brokers decided to head for home before they were snowed into the office for the weekend.
Hopefully, the exceptional weather conditions of mid-January were a one-off event that’s unlikely to be repeated – until the next time. If it’s not snow it’s rain, or a tornado in Birmingham, or even a heat-wave (although, to be fair, it’s some time since I can last remember one of those).
Should we be taking greater note of weather conditions, even if we happen to do a largely office-bound job? Modern technology, be it the internet or even the good old telephone, should mean that when our normal working patterns are interrupted by bad weather, we can carry on as before.
However, all the evidence suggests that extreme weather conditions can and do have a direct and immediate impact on the normal workings of the mortgage market.
Why is that? Is it because brokers prefer to deal with clients on a face-to-face basis? Is it more difficult to prove advice over the phone, or is it simply a case that clients don’t want to discuss mortgages when the weather turns bad?
If the odd day of duff weather happened only once every few years it wouldn’t be an issue worth worrying about, but weather interrupted business is become a far more frequent occurrence.
Perhaps now is a good time to consider ways to make our businesses a bit less vulnerable to bad weather and big events. This is Britain, after all. Have any brokers reading this blog found way to successfully defy the elements and keep on trading as normal?
If so, please do share your secrets in the comment box below.
Charles Haresnape is managing director at Aldermore
