Last week saw the return of the Mortgage Business Expo to Manchester after an enforced three-year hiatus.
Having last been at the Manchester Expo in 2007, it was interesting to return North to see just how much had changed.
Four years ago, the good times were in full swing – house prices were expected to rise inexorably, brokers were being told that sub-prime was the sector to be in and could only get bigger, gross mortgage lending topped £360bn and borrowers were awash with 100% mortgages allowing them to fulfil the dream of homeownership without saving.
Expo too was in full flush. Set over two days, it filled the whole of the Manchester Central convention centre in the heart of the city, with a big party held by the organisers on the first evening that ensured many a headache the next day.
My, how times have changed.
Expo last week was a decidedly more sober affair in more ways than one. Gone was the lengthy shmoozing and boozing glad-handing of old – this Expo was all business.
Held over one day, Expo saw 39 exhibitors and more than 600 delegates gather in the rather smaller venue of the Manchester Suite of Old Trafford Stadium (much to the chagrin of several Liverpool-supporting brokers).
The conference was notably smaller than some expected. Yet, talking to attendees, it struck me that people were just glad to see it back and eager to get on with business.
Certainly, Robert Sinclair, director of AMI, was clear that the return of Expo to Manchester is an important sign to all that the mortgage industry is alive and ready to work.
Of course, these events play a vital part in allowing mortgage firms to get out, make contact with each other and find out how the industry is faring.
Expo certainly felt abuzz with activity and discussions during the morning and early afternoon, with the lender panel clearly the key session of the day for brokers, if the full audience was anything to go by.
While things eased off considerably after lunch, several exhibitors told me the show had definitely been worth the trip, with plenty of good business done. The FSA too was glad to be able to get out and chat to brokers, with one rep telling me that after a decided dip last year, the number of events they were being asked to was markedly on the up.
Yes, times have changed, but that’s not necessarily a bad thing. The industry has its business hat on and, for the mortgage market to recover, that’s all to the good.
And, as the Conveyancing Alliance proved on its stand, there’s still time for free ice cream, even during business hours.
