Protection products are needed after mortgage approval leap

Further to the Bank of England’s announcement, a 2014 YouGov poll, commissioned by Paymentshield, has indicated that 33% of homeowners do not have basic contents insurance, and just 10% hold any sort of payment protection policy.
 
Tim Johnson, chief executive at Paymentshield, said:

“The Bank of England’s announcement is great news not only for the housing market, but also insurance providers. With the market now rapidly improving, and homeowners on the increase, the potential customer base for brokers is also expanding. The industry must therefore capitalise on the growing opportunity to market their services and products.

“This growth will be caused partly by the success of the Help to Buy scheme, which has so far recorded the sale of 5,375 properties in the first six months of its introduction. The rise is also a result of the housing market becoming more affordable and attractive to buyers.”
 
Johnson’s comments come after the Bank of England announced that 734,969 home loans were approved in 2013, a noticeable increase from the previous year’s total of 612,654.
 
Johnson adds:

“Our survey shows that there remains a large number of customers to target. Further growth in mortgage approvals is forecast for the next couple of years, but brokers will fully capitalise on the opportunity only if they can explain to consumers the range of general insurance products available and the benefits of each one.”