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시장보고서
Consumer Trends in the UK Mortgage Market
| 리서치사 |
Datamonitor |
| 발행일 |
2009년 04월 |
상품코드 |
85254 |
| 페이지 정보 |
18 pages |
| 가격 |
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Abstract
Introduction
The financial crisis has significantly changed consumer behavioral patterns
within the mortgage market. In the short run, borrowers are taking into
account more qualitative factors such as a lenders reputation and stability.
Mortgage providers need to take note of this and change their marketing
messages in order to appeal to recessionary consumers.
Scope of this research
- Uses Datamonitor' s Consumer Megatrends Framework to assess customer needs
during this uncertain era.
- Analyses how existing messages and products need to be modified in line
with changing consumer trends.
- Provides Datamonitor' s latest house price forecasts for the UK market.
- Highlights examples of innovative mortgage product offerings from both
domestic and foreign markets
Research and analysis highlights
The most important consumer trend is that of financial safety consumers are
worried about the future and they need a safe and dependable lender who can
help eliminate any future concerns for a borrower taking out a mortgage
product.
The growth in popularity of the direct sector has placed a greater emphasis on
large lenders who can take a significant share of the market if they fully
appeal to the consumer Megatrends.
Consumers are progressively looking for mortgage products that suit their
individual needs and since many mortgage offers have been withdrawn from the
market this trend is becoming more important.
Key reasons to purchase this research
- Provides topical insight into the mind of recessionary consumers.
- Offers a greater understanding of how to target customers despite the
weakened state of the market.
- Gives an analysis of how some of the major lenders have responded to the
changing economic conditions.
Table of Contents
DATAMONITOR VIEW
ANALYSIS
- Understanding the Megatrends framework is vital for any mortgage provider
- A Megatrend framework is vital for lenders during the current climate
- Greater customer understanding can help to overcome the obstacles
encountered when targeting and communicating with customers
- Consumers are no longer focusing solely on price when taking out a mortgage
- Datamonitor has identified 10 Megatrends in consumer behavior that are
shaping and driving attitudes
- There are four consumer Megatrends that have become apparent throughout
the downturn
- Consumers are increasingly seeking out advice as they no longer feel
confident in making their own financial decisions
- Consumers tend to follow the masses when selecting financial services
providers
- But borrowers also want mortgage products that can suit their individual
circumstances
- Gearing lending towards FTBs will establish significant kudos from many
new homebuyers
- Customers need mortgage lenders to be authentic and honest throughout the
recession
- Mortgage promotions need to be realistic
- Most mortgage lenders fail to fully appeal to this trend
- Mortgage lenders need to be more innovative in their product offering to
appeal to these consumer trends
- Offset mortgages represent an original solution for homebuyers
- Lloyds TSB' s 2012 mortgage product may appeal to ethical borrowers
- Green mortgages also attract borrowers with ethical considerations
- Examples from abroad have highlighted how UK lenders can improve their
messages
APPENDIX
- Data Tables
- Definitions
- Flexible mortgage
- Offset mortgage
- Variable rate mortgage
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Average UK house prices, 2000 - 12f
FIGURES
- Figure: A financial services company can pitch its level of customer
understanding at various stages depending on the company' s sophistication
- Figure: The steep fall in house prices is worrying existing homeowners,
2000 - 12f
- Figure: Consumers are most likely to consider major mortgage players such
as HBOS and Abbey when taking out a new mortgage, 2008
- Figure: The average LTV across all products has fallen from 85.2% to
78.5%, 2007 - 08
- Figure: Lloyds TSB' s 2012 mortgage appeals to a borrower who supports the
Great Britain Olympic team, 2009
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