Masthaven, the UK bridging loans and development finance bank, has published its latest Broker Beat, which shows confidence among brokers for the new year. 256 intermediaries were surveyed and 71%, only a 6% fall from January of this year, are optimistic about the market in 2021.
Broker Beat also found that 87% of respondents are confident about their company’s prospects for the coming year which has only fallen by 3% since the last survey at the start of the year.
Furthermore, 63% expect revenue to rise in 2021 and 36% predict that growth to be in double figures.
Economic uncertainty was the biggest obstacle to be faced by their business over the next six months according to almost one in three brokers, whilst 19% felt more local or national lockdowns due to the pandemic will be a larger hindrance in the near future.
Rob Barnard, director of intermediaries at Masthaven, said: “Despite the challenges of 2020, confidence among brokers has remained remarkably resilient.
“This is testament to the strong collaborative effort between brokers and lenders in an unprecedented time. The industry has demonstrated this year that it can continue to operate in extraordinary circumstances and provide the support customers need.
“As the pandemic continues to wreak havoc on the finances of people across the UK, brokers will be key in helping many people who no longer fit the model of a ‘vanilla’ borrower unlock affordable finance.
“Looking ahead, tough economic conditions and a potential no-deal Brexit may mean more challenges ahead. However, knowing that brokers are optimistic about 2021 should give lenders and customers greater confidence in the market and provide an opportunity for the market to expand and innovate further.”
Original article featured here…
Masthaven recently announced their new hires for 2021.