The Intermediary – December 2025 - Flipbook - Page 28
A YEAR IN REVIEW
Feature
2025
A YEAR IN
REVIEW
REGULATION, REFORM AND
RECALIBRATING A MARKET IN FLUX
Jessica O’Connor
As 2025 draws to a close, the housing
compared with the dramatic lender price war
of stabilisation and structural change. If 2024 was
that characterised early 2024. This year, lenders
defined by volatility, political upheaval, and the
took a more measured approach. Swap rates,
lingering hangover of high inflation, then 2025
which had experienced turbulence late in the
became a year of cautious recalibration. This was
previous year, settled into a more predictable
a period in which borrowers, lenders, and brokers
pattern, enabling modest reductions in product
alike all sought to find their footing amid a
pricing without sparking a race to the bottom.
gradually improving economic landscape.
Across the year, the trend was one of resilience:
not buoyant growth, but steady, determined
activity. The sector continued to lend steadily
– often in spite of ongoing pressures – and the
Borrower demand, however, proved
surprisingly robust.
Mel Spencer, growth director at Target Group,
says: “Over the years, I have seen plenty of boom
and bust – and I’d classify 2025 as a year of
most significant shifts originated not only from
tentative recovery. Falling mortgage rates were
interest rates and swaps, but from legislative
certainly positive.”
intervention, taxation adjustments, and the
26
2025 opened quietly, particularly when
and mortgage market stands at the intersection
This return to form was especially prevalent
evolving expectations of consumers and
among landlords. Hiten Ganatra, managing
regulators alike.
director at Visionary Finance, explains: “I’ve been
In the final feature of 2025, we revisit the
pleasantly surprised by the borrowing activity of
most pivotal moments that shaped the market,
our landlord customers […] very few seem to be
drawing on insights from experts across the
selling up, and many have used lending to take
industry to understand how these developments
advantage of opportunities to expand and or
were experienced by those with boots on
diversify portfolios with semi-commercial and
the ground.
commercial assets proving to be popular.”
The Intermediary | December 2025
