Anyone who has ever taken a long-haul flight knows the feeling: the seat belt sign comes on, the plane starts shaking and suddenly the entire cabin is on edge.
In fact, it’s often a mess. It’s not easy, but it’s expected from time to time.
Not a bad way to describe the current market.
Volatility levels are driven by global uncertainty, particularly the ongoing tensions in the Middle East. The price is changing, the mood is getting noticed and the narrative is that everything feels a little… unstable.
A well-designed deal can take a certain amount of movement
But to focus only on that is to miss what is happening on the ground.
Existing weaknesses
Deals don’t suddenly go down just because exchange rates have moved.
Most of the time, what we see is the exposure of existing weaknesses. What was once a strong practice is now under stress – the kind of stress that only manifests itself when the going gets tough.
A well-designed deal should be able to accommodate a certain amount of movement. If a small change in price is enough to disrupt it, the issue is less about the price itself and more about the lack of resilience built into the original structure.
We’ve seen this pattern before. If you believed all the ‘property market crash’ headlines over the last decade, you’d be sitting on the sidelines – and missing out on the next opportunity.
It’s easy to blame the broader market. Rates, inflation and national events play a role but rarely tell the full story
Markets move, sentiments change but work never stops.
And that is exactly what we are seeing now.
Creditors have not disappeared. They are still working but they are measured by how they deal with new deals. In uncertain situations, they fly well with great caution – paying close attention to the controls, the route ahead and how the trip ends.
There are additional considerations for income, property quality, lease length, and most importantly, exit. In the commercial sector, where prices are more sensitive to the income and performance of employers, those questions carry more weight.
Real goals
We are already seeing the impact play out in real terms, as prices rise, affordability tightens, credit and income ratings stretch and borrowers are unable to raise their original expectations.
That has a negative impact on everything from purchasing to how much money can be invested back in the property.
The emphasis must shift from trying to predict short-term movements in exchange rates, and towards building deals that are strong enough to withstand them.
At the same time, uncertainty is concentrated in the estimation. Appraisers are taking a more cautious view and we are seeing an increase in low ratings as a result.
It’s not just about where the rates are today but whether the borrower has a clear and realistic path forward. Can the asset be refinanced under current conditions? Does the deal still stand if timelines change or costs increase?
Those are the questions lenders ask. And it should.
A change of emphasis
For borrowers and brokers, this means that the emphasis must shift from trying to predict short-term movements in exchange rates, and towards building deals that are strong enough to withstand them.
Creditors have not disappeared. They are still working but they are measured by how they deal with new deals
Trying to predict every move is like trying to avoid chaos altogether. It doesn’t make sense, and ultimately isn’t what keeps the journey on track.
That starts with a realistic estimate of value and income, careful selection of a lender, and making sure there is enough margin within the deal. It makes financial sense to put on your oxygen mask first – get the basics down before trying to navigate everything else.
It’s easy to blame the broader market when things feel uncertain. Rates, inflation and national events play a role but rarely tell the full story.
Yes, the ride is a little bumpier now, and the prices are less forgiving than they have been in recent years. But that doesn’t mean the market is going to stop.
Deals don’t suddenly go down just because exchange rates have moved. Most of the time, what we see is the exposure of existing weaknesses
Well-structured deals continue, lenders continue to lend and savvy investors continue to find opportunities.
Because chaos does not stop the journey; it just checks how well you prepared it.
And, in this market, the difference becomes clear very quickly: between deals that are built to handle a flexible flight and those that always just explode in a crash.
Peter Williams is the CEO of Propp
This article appeared in the May 2026 issue of Mortgage Strategy.
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