Mortgage broker confidence rises since start of year

Confidence among mortgage brokers has increased since the start of 2021, according to new research from Masthaven Bank.

A survey of 186 brokers found that 92% are confident about their prospects for the next 12 months – an increase in positivity among brokers since the end of 2020 when 87% of said they were confident about their company’s prospects.

Over three quarters (77%) of respondents also said they expect their sales and revenue to increase this year, with 42% predicting their growth this year to be in the double figures. Only 3% said they expect their sales to decline.

Masthaven also found that the brokers it surveyed expressed confidence about the prospects for the property market. The findings showed that 88% of respondents were “confident” or “very confident” about the market’s prospects for the next 12 months. This was a rise from the 71% who reported the same level of confidence at the end of last year.

“Broker confidence has climbed even higher since the start of the year, reflecting the current strength of the property market, as well as general optimism surrounding the UK’s vaccine rollout and the easing of lockdown restrictions,” commented Masthaven director of intermediaries, Rob Barnard.

“The industry has worked tirelessly to support homebuyers since the start of the pandemic. This hard work, combined with pent-up demand from early 2020 and government support in the form of the stamp duty holiday, has resulted in a booming property market – but there are still challenges on the horizon.”

When asked about the challenges facing their business, the survey also revealed that 26% of brokers said economic uncertainty was the biggest challenge their business is facing, a fall from 30% who said the same in December 2020.

A quarter of brokers (25%) also reported concern about lenders’ service levels while 16% said they believe the biggest challenge they face is further local or national COVID-19 lockdowns.

Barnard added: “The government’s various COVID support initiatives will be coming to an end soon, with the furlough scheme expected to wind down in September. The withdrawal of this support will undoubtedly be felt by some borrowers.

“As the market enters this next phase, brokers and lenders alike will need to work together closely to support all customers, but particularly those who have been affected heavily by the pandemic. Innovation and collaboration will be key in ensuring the industry continues to provide products tailored to customers’ needs.”

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