Mortgage brokers say it has been a quieter-than-usual summer for the housing market, with many buyers and sellers pressing pause as mortgage rates continue to swing up and down. Mortgage rates have been yo-yoing for much of 2026 – even this week Nationwide cut rates by up to 0.19% on Monday, before Halifax today raised mortgage rates by up to 0.12%.

Brokers said that kind of volatility is making it harder for buyers to know when to commit. While demand for homes has not disappeared, brokers said that confidence has taken a knock, particularly among borrowers stretching themselves to buy.

They said many would-be movers were delaying decisions in the hope that mortgage rates settle, leaving the property market quieter than is typical for the height of summer. The Iran war, which began in late February, has led to global oil prices spiking and swap rates, that mortgages are priced off, rising.

Brent Crude oil has fallen to around $80 per barrel today, way below the height of $118 in late April, but still higher than $72 a month ago. Thomas George, director of Sussex-based estate agency Mansell McTaggart, said he had seen a quieter than normal summer this year.

He added: “Summer 2026 has been quieter than usual and the reason is simple: mortgage rate uncertainty has stalled the mid-market, namely transactions in the £300k–£550k range. Buyers in this price bracket are feeling it as they are typically the purchasers borrowing the most relative to their incomes.

“Even small rate increases can make a purchase unworkable for this type of borrower. On a positive note, the buyers who are still active right now are serious and ready to move. And they have options, as stock levels are at a 10-year high nationally. The message to sellers is straightforward: price for the market you’re in, not the one you remember.

“Do that, and your buyer is out there. Rates continue to wobble, with global volatility seeing some major lenders cut rates and others raise them this week. It’s a backdrop that can undermine sentiment unless the buyer is committed, which those in the market generally are at present.”

Jamie Elvin, director of London-based Strive Mortgages, said sellers needed to price realistically in this market.

He added: “Demand this summer has been weaker than previous years, but then that’s understandable given the yo-yoing in mortgage rates, wider economic uncertainty caused by the conflict in the Middle East and political upheaval domestically. But those buyers who are on the hunt are fully committed and determined to transact. What’s important is that sellers price realistically rather than believe their property is worth 10% more than it is.”

Stephen Perkins, managing director of Norwich-based Yellow Brick Mortgages, said confidence had been hit.

He added: “The biggest impact hasn’t been on demand, it’s been on confidence. People still need to move because life doesn’t stop for mortgage rates, but the recent volatility has made many buyers and sellers pause, question their timing and take longer to commit.

“Despite that, I’d describe the summer as quieter rather than weak. Demand hasn’t disappeared, it’s become more considered. As mortgage rates settle, confidence tends to return surprisingly quickly because many of those buyers were only ever pressing pause, not cancelling their plans.”

Michelle Lawson, director of Fareham-based Lawson Financial, said the government was to blame. She added: “There have been so many things mooted by the government that they have confused the public and also damaged consumer confidence. People will hold off if there are potentially positive enhancements to things such as stamp duty as it is such a large part of the associated costs.

“Join this with interest rates and soaring bills, spiralling costs of living, the unstable money markets, it is a recipe for disaster. The property market impacts so many other industries that some hope and positivity is needed to kick-start the housing sector and the rest will organically come together.

“Having countless housing ministers who have never prioritised the sector will come back and bite them. There is plenty of stock, arguably too much, lender innovation, but not enough movement.”

Ross Lacey, director and Independent Financial Adviser at Rayleigh-based Fairview Financial Management, said people were baulking at the rates compared to the start of the year.

He added: “The uncertainty is frustrating as many have a monthly mortgage payment figure in their minds and then within a matter of days this can be different. People looking at mortgage fixed rates around 3.5% at the start of the year are now, in some cases, reconsidering whether they still want to purchase properties that require as much borrowing.

“Naturally, the stress-tested rates that they would have needed to be able to afford would have been higher than what fixed rates are currently, but the payments being higher now have led to some reconsideration.”

Emma Jones, managing director of Runcorn-based Whenthebanksaysno.co.uk, said: “Ongoing rate volatility caused by events in the Middle East has seen many would-be buyers sit on their hands and wait until they feel more confident about what the future holds.”

More people can now borrow up to six times their income, as Nationwide has lowered the eligible income required for joint applicants from £100,000 to £75,000, a move welcomed by brokers.

As of today, new borrowers with Nationwide can borrow up to six times their income, where they are a home mover or remortgaging with additional borrowing, and have an eligible income of £75,000 or more for both sole and joint applicants. Meanwhile, existing Nationwide customers could borrow up to six times their income, where they are moving home, porting or borrowing more, and there’s no minimum income level.

Stephen Perkins, managing director of Yellow Brick Mortgages, said: “Nationwide lowering the income threshold to access its higher borrowing limits is good news for many borrowers looking to move home or remortgage with additional borrowing, particularly those who may previously have fallen just short of qualifying.

“Changes like this are a reminder that mortgage affordability isn’t static. Lenders regularly adjust their criteria, meaning the amount someone can borrow can change even when their own circumstances haven’t.

“However, borrowing more isn’t automatically the right answer, and borrowers should still choose a mortgage that leaves room in their budget if circumstances change. That said, increasing consumer choice within the mainstream market should be welcomed, particularly where it helps financially responsible households buy a home that better suits their long-term needs.”

Emma Jones, managing director of Runcorn-based Whenthebanksaysno.co.uk, also welcomed the change: “This is a positive move from Nationwide and one that will be welcomed by many borrowers who have previously found themselves just short of the borrowing they need. The focus isn’t on encouraging people to overstretch themselves, but on recognising that many households with stable incomes have been unfairly restricted by affordability models despite demonstrating they can comfortably manage their finances. Well done, Nationwide.”

Harry Goodliffe, director of HTG Mortgages, described the change as “refreshing at a time when lenders are busy increasing rates”.

He continued: “Expanding access to six times income will help more buyers and movers get the borrowing they need, particularly in expensive parts of the country. It’s a positive step, but it also highlights a bigger problem: house prices have raced so far ahead of earnings that lenders are having to stretch income multiples just to keep homeownership within reach.”

Justin Moy, managing director at EHF Mortgages, described the move as “a helpful tweak of criteria for those looking to borrow a little more than normal, bringing Nationwide in line with a number of lenders who offer similar opportunities”.

He added: “As always, this is subject to a normal affordability assessment, so those saddled with large commitments will see their mortgage opportunity reduced to below 6x income. But with care, it’s a good move.”

Richard Davidson, mortgage advisor at onlinemortgageadvisor.co.uk, said he had advised many borrowers for whom this new criteria tweak would be a benefit: “Lowering the qualifying income for six times lending from £100,000 to £75,000 should open the door for a good number of home movers and remortgage customers who were previously boxed out. I’ve sat across from plenty of couples in that income bracket who simply couldn’t stretch to the property they needed under the old rules.”

Samuel Mather-Holgate, managing director of Mather and Murray Financial, added: “This is genuinely good news for borrowers who have been trapped by the affordability squeeze. Dropping the joint income threshold from £100,000 to £75,000 opens the six-times-income door to far more mainstream households, not just higher earners.

“For home movers, it could be the difference between staying stuck and getting the space they need; for remortgagers raising extra funds, it adds useful breathing room. The big caveat is that this is not a licence to borrow recklessly.

“Six times income is a serious commitment, and rates, bills and job security still matter. But with house prices still painfully out of reach for many families, widening access to higher income multiples is a welcome, practical move that recognises the reality of today’s market.”

Nationwide announced on Monday that it is implementing further rate reductions across its fixed rate mortgage range, alongside cuts on selected tracker mortgage products. Brokers suggested that should swap rates remain favourable, more lenders would likely revisit their pricing, with one noting that “lenders are clearly back in competition mode“.

Nationwide mortgage rates will be reduced by up to 0.19% across two, three, five and ten-year fixed rate products, while rates will be cut by up to 0.12% on selected two-year tracker products. The revised rates take effect from tomorrow, Tuesday, July 7, and will apply across first-time buyer, home mover, remortgage and switcher products.

Carlo Pileggi, Nationwide’s head of mortgage products, said the lender was committed to supporting all types of borrowers. He added: “The changes we’re making tomorrow will ensure we remain competitive and continue to be front of mind for brokers and customers alike in a fast-moving mortgage market.”

Brokers welcomed the news. Shaun Sturgess, director of Swansea-based Sturgess Mortgage Solutions, said “this is a fantastic start to the week and may well set the tone for more cuts in the days and weeks ahead”.

He added: “Rates are still not what they were before the Middle East war, but they’re moving in the right direction and momentum is starting to grow.”

Tracey Dixon, owner of Cardiff-based Pure Mortgage and Protection, said: “The lowest rate doesn’t always mean the best mortgage, but more competition almost always benefits borrowers. Nationwide’s latest rate cuts are encouraging and reflect the increasingly competitive mortgage market. If swap rates remain favourable, I’d expect other lenders to review their pricing, too. The key message for borrowers is not to assume their existing lender has the best deal, but to review the whole market before making a decision.”

Rupert Collingwood, founder of property consultancy The London Broker, said: “In today’s market, any shift like this should be considered a win for the property market. We must of course hope and pray that the change of leadership within the Labour Party, the country and indeed the new face in No. 11 does not end up frightening the horses, unpicking this sort of positive movement for buyers and sellers alike.”

Harry Goodliffe, director of Winchester-based HTG Mortgages, said: “Mortgage lenders are clearly back in competition mode. Falling swap rates have given lenders more room to adjust their pricing and Nationwide is making the most of it.

“I don’t think it will be the last lender to cut rates, either. As long as swap rates remain relatively stable and there are no nasty inflation surprises, I’d expect this gradual pattern of rate reductions to continue, at least in the short term.”

Justin Moy, managing director of Chelmsford-based EHF Mortgages, added: “This is the second set of rate cuts in just over a week for Nationwide, further underlying the improvement in the Middle East conflict and improving competitiveness among high street lenders in particular. Borrowers are slowly feeling confident to buy or remortgage as rates move towards the sub-4% deals pricing from earlier this year.”

Meanwhile, Katy Eatenton, mortgage and protection specialist at Weybridge-based Eatenton Finance, said “the big lenders are now starting to make their moves. She added: “As ever, borrowers should not take anything for granted, as international events and political change domestically could change the trajectory very quickly.”

Jamie Elvin, director of London-based Strive Mortgages, said: “If swap rates remain where they are, I’d expect further reductions from other lenders over the coming days. That said, borrowers shouldn’t try to second-guess the market. A good deal today is often worth far more than waiting in the hope of shaving another 0.10% off the rate, particularly when lenders allow you to switch onto a cheaper product before completion.”

Rohit Kohli, director of Romsey-based The Mortgage Stop, said lenders were now competing hard, but conditions remained volatile: “I wouldn’t get carried away as we’re still dealing with a huge amount of geopolitical uncertainty, and that’s far from resolved.”

Nationwide has cut its mortgage rates by up to 0.25% in a “welcome boost” for borrowers, as brokers forecast “we will see some more of this in the coming weeks”. From Friday, June 26, Nationwide is reducing selected fixed rates by up to 0.25%.

The cuts span its first-time buyer, home mover, existing customers moving home and remortgage products, as well as its switcher and additional borrowing product ranges. Nationwide’s two-year fix is coming down from 4.29% to 4.19% and its three-year fix is coming down from 4.49% to 4.44%.

Its five-year fixes now start from 4.31%. The building society had already trimmed mortgage rates by up to 0.28% early last week. This follows news that The Mortgage Works is also cutting its new business mortgage rates by up to 0.25%.

Brokers are urging borrowers to secure deals promptly given the turbulence on the horizon, with the Iran and US ceasefire hanging by a thread and Andy Burnham widely expected to succeed Sir Keir Starmer as Prime Minister within the next couple of months.

Nationwide update is ‘good news’

Brokers indicated that markets are beginning to stabilise, pointing towards lower rates in the near term. Manooch Suree, director of Uxbridge-based Zinga Financial Services, described the development as positive news for borrowers.

He added: “Nationwide cutting selected fixed rates by up to 0.25% is a welcome boost for buyers and homeowners. With markets still reacting to inflation, interest rate expectations and global economic news, lender pricing can move quickly.

“If you’re buying, moving or remortgaging, it’s worth reviewing your options now. Overall, any reduction is good news for the current housing market and wider economy.”

Omer Mehmet, managing director of Welling-based Trinity Finance, welcomed the cuts. He added: “With the oil price returning to pre-war levels, there is a sense of optimism in the air after a turbulent few months. When major lenders like the Nationwide cuts rates, others tend to follow.”

Michelle Lawson, director of Fareham-based Lawson Financial, anticipated further reductions in the weeks ahead.

She added: “Temperatures aren’t the only things hotting up. Nationwide is reducing its rates further to tempt borrowers off the beach. As markets stabilise we will see some more of this in the coming weeks.”

Justin Moy, managing director of Chelmsford-based EHF Mortgages, cautioned that uncertainty lay ahead.

He added: “Welcome news from Nationwide and others who have recently cut rates, as swaps have melted in the heat this week, allowing lenders to pass on these savings. As always, the recommendation is to pick up a new deal as soon as possible, as the Middle East conflict can flare up at any time, and a change of prime minister can cause market jitters as well. No need for oven gloves just yet, rates are just starting to warm up again.”

Rohit Kohli, director of Romsey-based The Mortgage Stop, urged borrowers to secure a rate without delay. He continued: “It’s 36C outside and mortgage rates are coming down. This is about as good as it gets in the UK – which is precisely why borrowers should be acting now, not waiting to see what happens next. We’re getting a new prime minister. The Iran conflict is ceasefire on paper, knife-edge in practice.

“The market is moving in the right direction today – but any of those factors could change the picture within weeks. If the deal stacks up now, there’s no logic in holding out for better. Nobody predicted record June temperatures either. Make hay while the sun shines. Right now, it’s blazing.”

‘Time to act’ if you’re applying for a mortgage

David Stirling, Independent Financial Adviser at Belfast-based Mint Wealth, urged borrowers to take action immediately.

He stated: “Nationwide is cutting fixed rates by up to 0.25% from tomorrow – and while that might not sound like cause for celebration – it is part of a broader repricing across the market. Swap rates are falling in anticipation of further Bank of England cuts. Fixed rates are priced on where money is going, not where it is today, which is why lenders are moving now.

“That said, waiting for the ‘perfect’ rate is a bit like waiting for a quiet day on the M25, which is theoretically possible, but nobody has ever actually seen one. If your fixed rate deal is ending soon, now is the time to act.”

Aaron Strutt, product and communications director at London-based Trinity Financial, expressed his hope that other major lenders would follow suit after Nationwide’s latest move.

He said: “Nationwide has just announced that it is lowering its rates again after its last set of price cuts on June 16. The bigger lenders are improving their rates more frequently at the moment, which is good news for home buyers and the lender’s existing mortgage customers.

“Nationwide already had the cheapest two- and five-year fixes, but the lender is lowering its prices again hot on the heels of Barclays which dropped its rates twice in the space of a few days. Hopefully a few other big lenders will do the same thing soon.

“These rates are still not as low as the best trackers starting from 3.96% but they seems to be getting closer every few days with all of these rate cuts. A change of prime minister is expected to bring more economic instability – but hopefully it doesn’t hit the mortgage market.”

Nationwide has slashed mortgage rates by up to 0.28% following Iran and the US reaching a peace agreement, in what has been described as “welcome news for borrowers” – though experts warn that “people should not assume rates are now definitely heading in one direction”. The cuts will take effect across its fixed mortgage range tomorrow, Tuesday, June 16, with the lowest available rate standing at 4.29%.

The revised rates include:

– Reductions of up to 0.20% across two, three and five-year fixed rate products up to 95% Loan-to-Value (LTV) for first-time buyers

– Reductions of up to 0.28% across two, three, five and ten-year fixed rate products up to 90% LTV for remortgages

– Reductions of up to 0.17% across two, three, five and ten-year fixed rate products up to 95% LTV for existing and new customers moving home

Carlo Pileggi, Nationwide’s head of mortgage products, said: “We’re delighted to be cutting rates again as we look to put Nationwide at the forefront of borrowers’ minds. These changes will support first-time buyers and home movers, as well as provide competitive options for those looking to remortgage. Following the rate cuts last week to our switcher range for existing customers, this underlines our role as an all-round lender focused on supporting borrowers across the housing market.”

Rohit Kohli, director of Romsey-based The Mortgage Stop, said the news was positive.

He added: “Nationwide’s cut is welcome news for borrowers, especially after mortgage pricing moved upwards sharply following the outbreak of the conflict. I would be careful about linking this reduction too directly to the Iran and US news of a peace deal.

“A lender of Nationwide’s size will usually have planned this repricing several days ago, based on Swap rates, funding costs and competitor activity. That said, the market reaction to the proposed peace deal matters.

“If oil and energy prices keep falling, that eases some inflation pressure and could improve the medium-term rate outlook. Other lenders may follow, but borrowers should not assume we are heading straight back to the rates seen at the start of the year.”

Chunky cuts

Omer Mehmet, managing director of Welling-based Trinity Finance, said the market had started the week positively.

He added: “These are fairly chunky rate cuts from a major lender and will create optimism about more reductions to come in the days and weeks ahead following the end of the war in the Middle East. It’s still early days but this is a positive start to the week.”

Shaun Sturgess, director of Swansea-based Sturgess Mortgage Solutions, warned against complacency.

He added: “It’s likely these rate cuts were planned before the news about the war ending last night. Reductions like this will be welcomed by borrowers but equally people should not assume rates are now definitely heading in one direction as we have seen how quickly things can turn in the past.”

Justin Moy, managing director of Chelmsford-based EHF Mortgages, said lenders were passing on cheaper deals.

He added: “Good news from Nationwide that will inevitably help push rates with many of the other high street lenders. This rate cut would have been approved at the end of last week, so not a direct response to the Middle East improvement, but Swap rates are looking more palatable, which will give the lenders the green light to pass on cheaper deals.”

David Stirling, Independent Financial Adviser at Belfast-based Mint Wealth, said the direction of travel was positive.

He added: “After a year that’s felt like a financial rollercoaster held together with geopolitical duct tape, here’s some actual good news: Nationwide is reducing selected fixed mortgage rates by up to 0.28% from tomorrow. The somewhat unlikely catalyst is an interesting cocktail of a US-Iran peace deal inching closer to reality, which has calmed oil markets, dragged gilt yields lower and given lenders just enough breathing room to stop quietly sweating and start cutting.

“Nationwide aren’t alone as NatWest, Halifax, Barclays and others have already trimmed rates this month. This direction of travel is good, but with the Bank of England meeting Thursday and inflation still above target, this isn’t the moment to assume rates can only go one way. If you’re thinking about buying or remortgaging, now’s a good time to have a conversation.”

Darryl Dhoffer, founder of Bedford-based The Mortgage Geezer, urged borrowers to lock in deals quickly.

He added: “Make hay while the sun shines – or while Donald Trump stays off the socials. Sonia Swap Rates have reacted positively this morning with the so-called peace agreement in the Middle East set for this Friday.

“All about trends and as yet, one social tweet as we have seen in the past, does not constitute consistent downward interest rate market trends – but good to see Nationwide finally coming to the table with lower rates.”

Mortgage approvals surged in April, demonstrating that “first-time buyers are taking advantage of a more negotiable market” – yet experts cautioned that “on the ground today, the mood is far more cautious“.

According to Bank of England data released this week, net mortgage approvals for house purchases climbed to 65,900 in April, surpassing the six-month average of approximately 63,100. Approvals for remortgaging remained largely stable compared to March.

Meanwhile, net borrowing of mortgage debt by individuals decreased to £4.4 billion in April, from £6.8 billion in March, below the previous six-month average of £5.1 billion. This follows Nationwide’s House Price Index revealing that UK annual house price growth eased to 1.7% in May, down from 3% in April – with house prices falling 0.6% month on month, marking the first monthly decline of the year.

Ranald Mitchell, director of Norwich-based bad credit mortgage specialists Charwin Mortgages, noted that the figures pointed to first-time buyers returning to the market.

He added: “April’s rise in mortgage approvals shows buyers are back in the game, but not throwing caution to the wind. First-time buyers are taking advantage of a more negotiable market, lenders are competing harder on affordability, and borrowers are finally accepting that waiting for perfect conditions is a losing strategy. This is not a boom, but it is a healthier, more functional mortgage market.”

Thomas Boughton, founder of London-based Artillium Real Estate Finance, revealed that April proved to be a particularly hectic period for his firm.

He added: “April was particularly busy, reflecting growing acceptance that interest rates are likely to remain volatile. Rather than waiting for ideal conditions, many people are choosing either to continue renting or move forward with a purchase instead of shopping around for interest rates.

“Lenders are becoming more flexible with increased use of technology to improve efficiency and a more pragmatic approach to cases slightly outside standard criteria. This reflects a broader shift in borrower profiles, with previously ‘higher risk’ cases becoming more commonplace as lenders adapt.

“While enquiry levels are at record highs, this has not always translated into more applications. Instead, clients are seeking advice and clarity earlier, allowing us to help them understand their options, plan ahead, and make more informed decisions with confidence. Clients are leaning more on our professional outlook of the market when making decisions more than ever.”

Meanwhile, Darryl Dhoffer, founder of Bedford-based The Mortgage Geezer, noted that sentiment was “more cautious” now compared to April.

He added: “The April spike is a rearview mirror metric reflecting the brief window of cheaper fixed rates back in January and February. First-time buyers, driven by skyrocketing rents, jumped in early to lock in lower rates. However, the drop in net borrowing to £4.4 billion shows buyers are choosing cheaper properties or using larger deposits to pass tough affordability tests.

“On the ground today, the mood is far more cautious. The early year momentum has slowed. With mortgage rates creeping back up buyers face a harsh reality check. While official numbers look rosy, the current market is highly price sensitive.

“Chains are brittle and down-valuations are common; deals only cross the finish line when sellers drop expectations. Nationwide’s recent 0.6% house price drop reflects the true street reality, a grinding market where closing deals requires twice the effort.”

Manooch Suree, director at Uxbridge-based Zinga Financial Services, said confidence was on the rise across the housing market.

He added: “The rise in approvals in April is largely a confidence story. Buyers, particularly first‐timers, are sensing that the window of opportunity is still open. House prices have softened in many areas, lenders have been competing harder on rates, and people who sat on their hands through last year’s volatility are now re‐entering the market.

“It’s not a surge, but it’s a clear sign that sentiment is improving. First‐time buyers are definitely a big part of the movement. Many of them are taking advantage of a calmer market where they’re not having to bid against ten other buyers. They’re also adjusting to the ‘new normal’ for interest rates, once people accept that 1% mortgages aren’t coming back, they start making decisions again.

“We’re also seeing more activity from movers who delayed plans during the rate spikes. Some borrowers who secured lower‐rate offers earlier in the year are now pushing ahead before those offers expire, which has helped lift April’s numbers.”

Louis Mason, content and communications director at London-based Oportfolio Mortgages, revealed that a growing number of prospective buyers were opting to press ahead rather than sit on the fence.

He added: “The increase in approvals in April feels like a mix of improving confidence, more competitive lenders, and buyers realising the market may finally offer a bit of breathing room again. We’re definitely seeing more first-time buyers returning.

“After the volatility of the last two years, many are treating the current market a bit more boldly. It’s not perfect conditions, but probably safer to move now than wait forever. Lenders have also become more flexible, with improved affordability models and higher income multiples helping buyers access larger loans, particularly in London, where house prices still behave as though they’ve never heard of inflation.

“The drop in borrowing after March isn’t too surprising either, as March was boosted by buyers rushing to complete before stamp duty changes. On the ground, the market feels busy but sensible. Buyers are active again, but far more cautious and financially disciplined than during the ultra-low-rate era.”

Babek Ismayil, chief executive of homebuying platform OneDome, said first-time buyers are once again entering the market.

He added: “One contributor to the rise in mortgage approvals was almost certainly the increased awareness among first-time buyers that current market conditions are a perfect opportunity to get onto the ladder. Yes, mortgage rates are higher than they were a few months ago before the war in the Middle East began, but lenders are improving their affordability and aspiring buyers are in a position to make some punchy offers. First-time buyers are calculating that they can claw back on the asking price the extra money they will pay on a mortgage, and then some.”

Michelle Lawson, director of Fareham-based Lawson Financial, described April as an exceptionally strong month for her firm.

She added: “April was one of our best ever months, so this reflects the data. There are a lot of mortgage maturities with some still to come off the low rates and there was a bit of purchase activity.

“The market has quietened now, but buyers need to see the current climate as an opportunity to negotiate, as the savings on the property price will usually outweigh the extra in monthly payments due to higher interest rates due to the Middle East fallout. This does appear to be calming, so first-time buyers should be looking to buy and make the most of the current timing.”

Andrew Montlake, chief executive of London-based Coreco, insisted the mortgage market continued to confound the sceptics.

He added: “If proof were needed that the UK mortgage market is resilient, this is it. Demand for bricks and mortar continued despite all the geopolitical volatility and lenders are doing their level best to stimulate activity and the supply side.”